Hammerson to sell landmark

Published 16th Jan 2009

Hammerson will put its largest property on the market in the latest sign of a necessary recapitalisation of the real estate sector.

It has instructed CB Richard Ellis to sound out investors to buy the 773,931 sq ft Bishops Square office development in the City of London for more than £500m, equating to a yield of about 6.75 per cent.

The ownership could also be split into four equal tranches to make the sale easier in a market where large deals are rare. Hammerson declined to comment.

Source: ' FT '

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