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Moorhouse Sold In The City Of London

The two owners of Fosters and Partners Moorhouse in the City of London have sold their property to Deka Immobilien Investment, a German fund, for a grand total of 230 million with the new buyer also stumping up 1 million in costs.

In selling now joint owners, Hammerson and Pearl Insurance have even managed to make a small profit despite claims by nayayers the office market in the City of London has died a death.

For example, the prices are still up on the 2004 figure that Hammerson paid for the building with them selling their 67% share of it for 152 million, a 10 million profit on what they paid.

This isn't all good news though. Hammerson had recently seen their holding fall by 17 million in value, an effect of the increasing oversupply of space in the city and the credit crunch hammering confidence and by extension prices.

In buying the scheme, Deka Immobilien Investment will own an 18 floor office building with 29,112 square metres of space that is generating rent of approximately 14 million a year.

Taking this as a guide, it shows the City of London office market is still in good shape. The cost per square metre of the building will be 7,900 which at these prices values the nearby under construction Ropemaker Place by British Land at roughly 435 million.

Article Related buildings:

Moorhouse

Moorhouse
Ropemaker Place

Ropemaker Place
Moorhouse from London Wall
Moorhouse from London Wall