Hammerson and partner Pearl Assurance have sold their £230m Moorhouse office scheme to German fund Deka Immobilien Investment.
The German open-ended fund has paid £230m, before £1m costs, for the 324,000 sq ft office building at 120 London Wall in the City of London.
The development of Moorhouse was completed in 2004. The cost of Hammerson's 67% interest in the scheme was £142m, whilst its share of the net sale proceeds will be £152m.
The price is a 10% drop from Hammerson’s book value of its interest in the scheme which at 30 June stood at £169m. Hammerson's share of the passing rent is £10.5m a year.
John Richards, chief executive of Hammerson, said: 'This transaction demonstrates that there is continuing interest from investors for high quality assets in the City of London. It reduces Hammerson's exposure to the City office market and is in line with our policy of recycling capital from mature assets into new opportunities.'
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