7th Nov 2016 07:19
LONDON (Alliance News) - Hammerson PLC on Monday said it has exchanged contracts to sell Westmorland Retail Park in Northumberland to Arch Commercial Enterprise Ltd for GBP36.0 million.
The sale price for the retail park, located in Cramlington, represents a net initial yield of 5.8% and is moderately below book value as at June 20, Hammerson said.
The FTSE 100 shopping centre owner noted Arch's purchase of the adjacent Manor Walks Shopping Centre in July from Hammerson, and said the two schemes form the core retail offer for Cramlington town centre.
Additional recent smaller transactions take the total proceeds received by Hammerson to GBP43.0 million, the group said.
"It is encouraging to see continued interest in well-positioned retail park assets at supportive pricing levels. Arch is a natural owner of the asset having already invested in the adjacent shopping centre, and our strategy of introducing high street brands to this asset has created a strong offering for the local catchment," said Hammerson Chief Executive David Atkins.
By Hannah Boland; [email protected]; @Hannaheboland
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