London's Bishops Square sold

Office design news from Morgan Lovell

Published on 15-12-2010

Bishops Square Holdings has been sold by developer Hammerson and joint venture partner Oman Investment Fund to JP Morgan.

The prime asset of Bishops Square Holdings is the long leasehold of the Bishops Square office development in London E1, with the partners achieving a sale price of £557 million.

Peter Reilly, head of JP Morgan Asset Management's European real estate group, said: "We remain bullish on investing in high-quality, well-tenanted office properties located throughout Europe's most important cities and this acquisition represents a further expansion of our funds' core property portfolio."

Meanwhile, Bloomberg recently announced plans to open a new headquarters in London that will provide a significant boost to the office construction sector in the capital.

The media company has appointed Norman Foster to oversee the construction, with the 3.2-acre site in Walbrook Square already earmarked to deliver up to 50,000 sq ft of office interior space once it is complete.

Posted by Ian Johnson