* Hammerson/Oman venture sells Bishops Sq to JP Morgan unit
* Transaction based on property price of 557 mln stg
* Hammerson's net proceeds from sale stand at 79 mln stg
(Adds detail, background)
LONDON, Dec 15 J.P. Morgan Asset Management
(JPM.N) has agreed to buy the Bishops Square office site in the
capital's City finance district in a deal worth nearly $900
The J.P. Morgan division has agreed to buy the site from a
joint venture comprised of British property group Hammerson
(HMSO.L) and the Oman Investment Fund.
The companies said the transaction was based on a property
price of 557 million pounds ($884 million). The value of the
property as of June 30, 2010 stood at 510 million pounds, they
The Bishops Square site, which was developed and completed
by Hammerson in 2005, mainly comprises of office space let out
to City law firm Allen & Overy.
"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 in Europe," said
Peter Reilly, head of J.P. Morgan Asset Management's European
Real Estate Group.
Hammerson said its net proceeds from the sale of its stake
in Bishops Square stood at 79 million pounds.
Hammerson and the Oman Investment Fund were advised by
Clifford Chance and Jones Lang LaSalle, while J.P. Morgan was
advised by Berwin Leighton Paisner and Deloitte.
(Editing by Hans Peters)