Hammerson Sells Imperial And Fife Central Retail Parks For £164 Mln To Capreon

Hammerson plc (HMSO.L) announced Monday that it has exchanged contracts for the sale of two retail parks, Imperial Retail Park, Bristol and Fife Central Retail Park, Kirkcaldy, for a total consideration of 164 million pounds to Capreon.

With this deal, Hammerson’s total proceeds from disposals in 2018 would be 300 million pounds.

The total sale price of the deal represents a net initial yield of 7%, and a discount of approximately 10% to the December 2017 book value.

Imperial Retail Park, acquired in 2012 as part of the Junction portfolio, is the largest retail and leisure destination in South Bristol. The scheme is anchored by B&Q, The Range, HomeSense, M&S Foodhall, Next and Boots, and is currently 97% let.

Fife Central Retail Park, acquired in 2005, is 95% let and anchored by B&Q, Sainsbury’s, M&S Simply Food and Next.

David Atkins, CEO Hammerson, said, “We continue to see opportunities to dispose of selected assets in order to better deploy capital on behalf of our shareholders. With £300m of sales achieved this year, we are already over half-way to reaching our planned disposal target for 2018.”

The company will give further update on Tuesday along when it reports half year results.

by RTTNews Staff Writer

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