JPMorgan Chase Ends Discussio

RNS Number : 4116A

Hammerson PLC

01 August 2008

 

For immediate release Friday, 1 August 2008

JPMorgan Chase Ends Discussions for New Headquarters Building 

Hammerson and its partner, the City of London Corporation, have been advised by JPMorgan Chase that the latter is terminating discussions regarding the development of a new headquarters building for the bank. Accordingly Hammerson is making full provision for its costs, amounting to £17 million, which will be written off in the half year accounts of the company. 

Hammerson and the City of London Corporation entered into an exclusivity agreement with JPMorgan Chase in May 2007 to negotiate terms for the construction of a 90,000 m² European headquarters building for the bank on the site of St Alphage House, London Wall, London EC2. It has become clear that the building that JPMorgan is looking to build and occupy cannot be accommodated on the St Alphage site.

John Richards, Chief Executive of Hammerson, said:

'This is a prime site with the potential to carry out a major office development.  Hammerson and the City Corporation intend to formalise a joint venture to take forward the redevelopment of the St Alphage site at an appropriate time.'

Hammerson's results for the six months ended 30 June 2008 will be announced on 7 August 2008. 

Further information:

John Richards, Chief Executive	Tel: [phone]
Christopher Smith, Director of Corporate Affairs	Tel: [phone]   [e-mail]

 

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