Real estate investment trust Hammerson is to test the water for investment interest by putting Harbour Exchange One and Two onto the market.
They are reported to be instructing Jones Lang LaSalle to put the building on to the market for £150 million, representing a net yield of 8.5% initially.
Harbour Exchange Square set in the heart of the London Docklands is a set of two twin buildings of 16-storeys. Hammerson bought the buildings in 1999 for £76.9 million. The site has a total 485,000 sq ft of space.
Potential buyers could include Land Securities as they already own the neighbouring 3-9 Harbour Exchange.
Hammerson are reported to be selling the building as they have recently reviewed their full property portfolio. They are currently looking to selling buildings and recycle the capital into new or existing schemes which are more likely to add value.
Over the past year investment opportunities had been quite slow in the London Docklannds’ area, but activity is starting to pick up this quarter, and this is promising addition to such activity.