Kuwaitis to buy up Hammerson asset

KUWAITI property firm St Martins Corporation is close to buying 60 Threadneedle Street at the heart of the City from Hammerson in a deal said to be worth more than £175m.

The offices, which were completed in 2009, are 99 per cent let, producing £8.8m of rent a year from tenants including Talbot Underwriting and the Toronto Dominion Bank.

The deal will see St Martins, the property investment arm of Kuwait’s sovereign wealth fund, begin to deploy some of the more than £750m it raised from the sale of non-core assets over the last year into prime assets, according to reports yesterday.

The group this year sold more than £750m of secondary retail, office space in UK and Europe, in a process nicknamed “Project Blue”.

St Martins declined to comment.