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Business News

Bishops Square stake on market

Investors are being quietly approached by the State of Oman about purchasing a stake in the large Bishops Square complex near London's Spitalfields market.

The Oman Investment Fund, which is the investment arm of the oil-rich Gulf state, owns the office and retail development in a 75:25 per cent joint venture with UK listed property company Hammerson.

Property sources have said that the Omani fund has instructed property services firm Jones Lang LaSalle to sell at least a third of its 75 per cent stake in the 825,000 sq ft scheme.

Hammerson developed the complex, which is let to tenants such as law firm Allen & Overy, and sold the majority interest to the Oman Investment Fund in June last year for £445m.

It is thought that since Jones Lang LaSalle has been instructed, a range of investors have expressed interest, including some which are offering to buy the Omani fund's entire stake. Hammerson is not thought to be considering selling its interest.