StockMarketWire.com - Hammerson has exchanged contracts for the sale of its office property at 10 Gresham Street, London EC2, for a total consideration of £200m.

Hammerson says the deal - which represents an initial yield of 5.25% - is in line with its strategy to focus purely on retail assets.

Hammerson's share of the proceeds will be £60m.

The purchaser is Kumpulan Wang Amanah Pencen, the Malaysian state pension fund.

The building was valued at £195m at 30 June, and passing rents (Hammerson share) at that time were £3m. 10 Gresham Street was acquired in August 2010 for a net price of £175m in a 30:70 joint venture with Canada Pension Plan Investment Board.

The transaction will complete later this month.


At 8:50am: [LON:HMSO] Hammerson share price was +1.15p at 452.15p



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