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Clare Hudson
Clare Hudson
  • 1 Minute Read
  • 08th July 2011

Hammerson buys 999 year leasehold for 99 bishopgate

Hammerson PLC, one of Britain’s leading property development companies has bought a 999-year leasehold on the prestigious London business centre, 99 Bishopgate for £100 M.

The 26 storey office building, located in the heart of the City of London, will undergo refurbishment work in the near future. Current businesses occupying the property include, Deutsche Bank, Latham & Watkins, Korea Development Bank, and Charles River Associates International. However Deutsche Bank is expected to vacate the majority of the buildings space.

David Atkins, Chief Executive of Hammerson PLC said, "This freehold acquisition further increases our exposure to the City of London office market whilst improving asset liquidity and expected returns. 99 Bishopsgate is an excellent building which has consistently achieved peak City rents. We have an exciting business plan for the property and ownership of the merged interest will ensure that we maximise returns to shareholders from this investment."

Source: UPDATE 1- Hammersmith buys 999-yr leasehold on top London office