Oman fund reaps $882m from London building sale

16 Dec 2010

(MENAFN) Peter Reilly, head of JPMorgan’s real estate asset management arm, revealed that it has signed an $882 million agreement to purchase the Oman-owned London headquarters building of law firm Allen & Overy, Bloomberg reported.

The acquired 71,900 square meter building was developed by Hammerson in 2005, which sold a 75 percent stake in the property to Oman Investment Fund in June 2009. As for the sale of its remaining 25 percent stake, Hammerson expects to book a profit of $123 million.

According to Reilly, the acquisition comes in line with the firm’s goal to invest in high-quality, well-tenanted office properties located throughout Europe’s most important cities.

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