Hammerson has teamed up with GE Real Estate and Bank of Ireland to redevelop 125 Old Broad Street, London EC2

GE Real Estate and Bank of Ireland will each acquire a 25% stake in the 125 OBS limited partnership for £37.5m. Hammerson will continue to own 50% of the partnership and will be retained as the development and asset manager of the scheme.

Hammerson bought the site of the former London Stock Exchange in June 2004 for £68m. The site had planning consent for two major office schemes, 125 Old Broad Street and 60 Threadneedle Street.

The redevelopment of the 26-storey tower building at 125 Old Broad Street will

provide 323,996 sq ft (30,100 sq m) 6,458 sq ft (600 sq m) of retail space. The scheme is due for completion in December 2007.

John Richards, chief executive of Hammerson, said: ‘This sale demonstrates the significant value Hammerson has added to the former Stock Exchange site since it was acquired in 2004. We have seen a considerable increase in demand for office space in the City this year and we anticipate that rental values will continue to improve during 2007.’