19th Nov 2019 07:45
(Alliance News) - Hammerson PLC said Tuesday it has agreed to sell St Oswald's Retail Park in Gloucester, UK to an unnamed local authority for GBP54 million, reflecting a net initial yield of 8.5%.
The London and Johannesburg-listed shopping centre operator originally developed the site in 2005, which is now a 20,900 square metre scheme with flagship tenants including home furnishing retailer Homesense, DIY retailer B&Q Ltd and Wren Kitchens.
Following this transaction, Hammerson has achieved GBP577 million in disposals in 2019, exceeding the minimum disposal target of GBP500 million for the year.
"Despite a challenging investment market, we are successfully executing disposals in line with our priority to reduce debt and strengthen our balance sheet. These transactions also give us the flexibility to capitalise on the opportunities we see in the market, particularly with regards to our City Quarters pipeline, which is core to the future direction and success of our business," said Chief Executive David Atkins.
Shares in Hammerson - which is headquartered in London - were down 2.5% at ZAR54.01 on Tuesday in Johannesburg.
By Dayo Laniyan; [email protected]
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