Hypo Real Estate Bank and HSH Nordbank are providing £150 mln (EUR 220 mln) in construction financing to refurbish the office tower that housed the former London Stock Exchange. The 29,357 m[sup]2[/sup] property, located at 125 Old Broad St in London, will be redeveloped by a joint venture of GE Real Estate UK, Hammerson and Bank of Ireland Private Banking. Under the new plan, the landmark building will also include some 1,597 m[sup]2[/sup] of retail to be completed in December 2007.

Hypo Real Estate Bank and HSH Nordbank are providing £150 mln (EUR 220 mln) in construction financing to refurbish the office tower that housed the former London Stock Exchange. The 29,357 m2 property, located at 125 Old Broad St in London, will be redeveloped by a joint venture of GE Real Estate UK, Hammerson and Bank of Ireland Private Banking. Under the new plan, the landmark building will also include some 1,597 m2 of retail to be completed in December 2007.

'This is a 100% prime City of London location,' GE RE's Ilaria del Beato told property newspaper CPN. 'We bought a 25% stake in the partnership and Hammerson is leading the project. It's a very significant refurbishment; all the way back to the original concrete frame.'