Hammerson's magic £557m property deal
The city home of magic circle law firm Allen & Overy has changed hands for £557m in one of the biggest property deals of the year.
Bishops Square was built by British developer Hammerson in 2005 and earns more than £30m a year in rent having been occupied by Allen & Overy since 2006.
Hammerson sold 75% of the property to a sovereign wealth fund from Oman last year to raise cash during the depths of recession.
The joint-owners yesterday agreed to sell the entire building to JP Morgan Asset Management for £557m.
That compared with a valuation of £510m at the end of June.
Hammerson chief executive David Atkins said the deal took advantage of the recovery in property values over the past 15 months. The money will be used to develop and buy offices and shops.
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