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Hammerson sells stake in Highcross Shopping Centre

Hammerson has exchanged contracts for the sale of its 50% stake in Leicester’s Highcross Shopping Centre.

SHOPPING CENTRES & RETAIL PARKS

Hammerson sells stake in Highcross Shopping Centre

Hammerson has exchanged contracts for the sale of its 50% stake in Leicester’s Highcross Shopping Centre.

The £236 million deal has created a new £472 million joint venture with an Asian investor introduced by M&G Real Estate.

Anchored by the John Lewis and Debenhams department stores, the 110,000 square metre scheme attracts 18 million visitors a year and had an occupancy of 96.7% at the end of June.

Hammerson recently increased its disposal target for 2018 to £600 million. This latest sale takes the company's disposals for the year to date to over £530 million. This includes the sale of four retail parks earlier this year.

David Atkins, chief executive of Hammerson, said: “This latest transaction is at a price that underpins the underlying strengths of our flagship destinations. It is clear there are institutional investors that continue to have the appetite to buy into top tier centres and see value in creating joint ventures with skilled operators.”

Hammerson's portfolio includes 22 prime shopping centres, 15 retail parks and investments in 20 premium outlet villages.

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