Hammerson in joint venture with GE and Irish bank

Hammerson, the UK-based listed property company, has formed a joint venture with GE Real Estate and the private banking arm of the Bank of Ireland to develop the former London Stock Exchange building. GE Real Estate and the Bank of Ireland will acquire 25% stakes in the partnership for £37.5 mln (EUR 56 mln) each. Hammerson will own the other 50% and will be retained as the development and asset manager for the project. Hammerson plans to use the proceeds of the deal to finance its development programme in the UK.

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