Hammerson plc has exchanged conditional contracts for the sale of Exchange Tower in London’s Docklands. The purchaser is MGPA Europe Fund III, and Hammerson will receive proceeds of £134 million, net of £1 million disposal costs. Completion is scheduled for September 2010.

The 16 storey office tower at 1&2 Harbour Exchange was originally acquired by Hammerson in 1999 for a consideration of £77 million. The building comprises 45,000 m2 of office space let to a range of tenants. At 31 December 2009 Harbour Exchange was valued at £131 million and had passing rents of £10.7 million.

David Atkins, Chief Executive of Hammerson, said:

“Harbour Exchange has been a good investment for the company over the last decade. However, I believe the capital can be better deployed in other opportunities.

Our recent transactions, including the acquisitions of Leadenhall Court and Battery retail park, and the part-disposal of Espace Saint Quentin, should improve the prospects for future growth from our portfolio whilst overall releasing capital.”

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