21st Aug 2006 07:00
Hammerson PLC21 August 2006 Disposal: Liberty Shopping Centre, Romford Hammerson has exchanged contracts for the sale of the freehold interest inLiberty Shopping Centre, Romford and adjacent office buildings, to CosgraveProperty Group for £281 million. The scheme had a book value of £229 million at31 December 2005 and is projected to generate a net rental income ofapproximately £10 million in 2006. Hammerson developed the original Liberty Shopping Centre in 1968 in a jointventure with Standard Life Investments. In 1999, Hammerson acquired StandardLife's 50% interest in the scheme and the freehold for approximately £53million. It subsequently invested a further £52 million in carrying out a majorredevelopment and refurbished of the scheme, which was completed in 2003. Theshopping centre now provides 41,000 m(2) of retail accommodation, anchored byMarks & Spencer and Debenhams. John Richards, Chief Executive said: " Hammerson has added significant value to the Liberty Shopping Centre in recentyears. The centre trades strongly and dominates its catchment. This wasreflected in the good interest shown by potential investors. This disposal is in line with Hammerson's policy of recycling capital. Itfollows Hammerson's recent UK acquisition for £425 million of a portfolio fiveretail parks, all with open A1 planning consents." Hammerson was advised by Jones Lang LaSalle and Cosgrave was advised by CBRE. For further information: John Richards, Chief Executive Tel: 020 7887 1000 Christopher Smith, Director of Corporate Affairs Tel: 020 7887 1019 [email protected] This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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