BoI enters agreement for Old London Stock Exchange redevelopment
Bank of Ireland Private Banking today announced that it has entered into a partnership with Hammerson and GE Capital Real Estate for the redevelopment of the Old London Stock Exchange building on behalf of private clients. The Bank paid €55.8m (£37.5m) for its 25% stake in the development.
The redevelopment of the 26-storey tower building will provide c.325,000 square feet of office accommodation and c.7,000 square feet retail space. Construction began in February 2006 with completion scheduled for December 2007. The building was the former home of the London Stock Exchange and is located at Old Broad Street, adjacent to the Bank of England in the City of London.
Private Banking’s partners on this deal are Hammerson plc, a leading European property company and listed as a FTSE 100 company, who holds a 50% share in the redevelopment, and GE Capital Real Estate (part of GE Commercial Finance) who hold 25%. Private Banking was advised by Jones Day and Atisreal in relation to this transaction.
