Investment funding is being sought for a major commercial development asset based in central London. The Bishop’s Square development near London’s Spitalfields market is hunting for investment for 75 per cent of the asset, which is currently owned by the Oman Investment Fund. Since its opening in 2005, Bishops Gate has picked up numerous awards, including Best Commercial Regeneration Project of the Year in 2006 and London Planning Awards Best Public Space in 2007.
The Oman fund bought the majority stake in partnership with British property investment firm Hammerson, who were the developers behind the 825,000 sq ft project, which boasts mixed-use office space – including the headquarters of law firm Allen and Overy – as well as 21 retail units.
The fund paid £445 million to Hammerson for a 75 per cent stake in July 2009.
Now, Oman is looking to offload at least one third of the equity and has appointed Jones Lang LaSalle to find suitable investors. Hammerson is reportedly not considering selling its own stake.
So far, investor interest has been strong, with some offering to buy the Oman Investment Fund’s entire 75 per cent asset.