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Hammerson sells two retail parks

Shopping centre owner Hammerson has exchanged contracts for the sale of two retail parks in Bristol and Kirkcaldy. Imperial Retail Park in Bristol and Fife Central… View Article

PROPERTY

Hammerson sells two retail parks

Shopping centre owner Hammerson has exchanged contracts for the sale of two retail parks in Bristol and Kirkcaldy.

Imperial Retail Park in Bristol and Fife Central Retail Park in Kirkcaldy are being sold to Capreon in a £164 million deal. The transaction brings Hammerson’s total proceeds from disposals in 2018 to £300 million.

Covering a total of 32,200 square metres, Imperial Retail Park was acquired by Hammerson in 2012 as part of the Junction portfolio, and is the largest retail and leisure destination in South Bristol. The scheme is anchored by B&Q, The Range, Home Sense, M&S Foodhall, Next and Boots, and is currently 97% let.

Meanwhile, the 30,200 square metre Fife Central Retail Park is 95% let and anchored by B&Q, Sainsbury’s, M&S Simply Food and Next. Having acquired the scheme in 2005, Hammerson has added an extension and repurposed space previously occupied by Homebase to create four new retail units and two restaurants.

David Atkins, chief executive of Hammerson, said: “We continue to see opportunities to dispose of selected assets in order to better deploy capital on behalf of our shareholders. With £300 million of sales achieved this year, we are already over half-way to reaching our planned disposal target for 2018. We look forward to providing a further update on disposals and capital deployment tomorrow when we report our half year results.”

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