19th Jul 2016 06:11
LONDON (Alliance News) - Property developer Hammerson PLC on Tuesday said it has sold the Manor Walks Shopping Centre in Cramlington in Northumberland for GBP78.0 million.
The centre adjoins the Westmorland Retail Park, of which Hammerson will retain ownership. The sale price represents a net initial yield of 7.0%.
Hammerson added it has sold a 4,000 square metre property in Folkestone for GBP7.0 million.
Hammerson noted both disposals were exchange on terms agreed prior to the UK's EU referendum.
"These transactions represent further progress in our disposal programme with GBP200 million of our GBP300 million target now concluded. Having sold three assets in the last five weeks this clearly indicates that investors continue to recognise the attractive income returns from well-positioned retail property assets," said Hammerson Chief Executive David Atkins.
By Sam Unsted; [email protected]; @SamUAtAlliance
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