JPMorgan buys Allen & Overy office from Hammerson venture

JPMORGAN Asset Management has agreed to buy law firm Allen & Overy’s office on the Bishops Square site in a deal worth nearly £557m, joint sellers Hammerson and the Oman Investment Fund said yesterday.

The 71,900 square foot office, which was developed and completed by Hammerson in 2005, was valued at £510m in June with passing rents of £35m, the developer said.

Hammerson said its net proceeds from the sale of its stake in Bishops Square stood at £79m.

“[T]his acquisition represents a further expansion of our funds’ core property portfolio in Europe,” said Peter Reilly from JPMorgan.

Clifford Chance and Jones Lang LaSalle advised the sellers, while JPMorgan was advised by Berwin Leighton Paisner and Deloitte.