23rd Apr 2015 06:33
LONDON (Alliance News) - Hammerson PLC Thursday said it has completed the sale of Drakehouse Retail Park in Sheffield to 90 North Real Estate Partners LLP for GBP61.7 million, ahead of the property's book value at the end of 2014 and representing a net initial yield of 6.4%.
"The disposal of Drakehouse enables us to reallocate capital across our retail portfolio, including to our significant London retail development projects at Croydon and Brent Cross," Hammerson Chief Executive David Atkins said in a statement.
"By recycling the proceeds we are ensuring that we continue to focus our resources on the assets and developments which we believe will provide the best opportunities to deliver greater shareholder value in the future," he added.
At 21,000 square metres, Drakehouse is Sheffield's largest retail park, according to Hammerson. The scheme is fully let and current tenants include Homebase, Currys, Wickes and B&M.
By Steve McGrath; [email protected]; @stevemcgrath1
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