UPDATE 1-Hammerson makes bumper return on UK office sale

* Sells London offices for 134 mln stg, over book value

* Sale reflects 74 percent return on 1999 purchase price

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LONDON, June 22 (Reuters) - Real estate investor Hammerson (HMSO.L) is set to make a 74 percent return from the 134 million pounds sale of a London Docklands office tower in a portfolio reshuffle aimed at unlocking capital for new buys.

The 16-storey Exchange Tower property, near London's Canary Wharf business district, has been sold to MGPA Europe Fund III for 3 million pounds more than its valuation at Dec. 31, 2009.

Hammerson is benefitting from a resurgence in investor interest in London offices as prices and rents rally amid increased occupier demand.

"Harbour Exchange has been a good investment for the company over the last decade. However, I believe the capital can be better deployed in other opportunities," Hammerson Chief Executive David Atkins said.

The 45,000 square metre tower was originally acquired by Hammerson in 1999 for about 77 million pounds and generated rents of 10.7 million pounds at end-2009.

Earlier this month, Hammerson said it had sold a 75 percent interest in its Espace Saint Quentin mall near Paris to a new 75:25 joint venture with Allianz Real Estate. [ID:nLDE65GO60] (Reporting by Sinead Cruise; Editing by Andrew Macdonald) (See www.reutersrealestate.com for the global service for real estate professionals from Reuters)