Acquisition

HAMMERSON PLC 30 July 1999 Purchase of Extended Interest in The Liberty Centre, Romford Hammerson has paid £52,400,000 in cash which reflects a yield of 7.25% to Standard Life Investments to increase its interest in The Liberty Centre, Romford, from 50% to 99.5% with a further option to purchase the freehold for £500,000 in cash. The centre, which was originally constructed in 1968 and benefited from improvement works in 1989 and 1994, comprises some 40,000 square metres of retail space in 90 units with adjoining car parking for approximately 3,000 cars. The centre is anchored by Marks & Spencer, Debenhams, Boots and BHS. Ronald Spinney, Chief Executive of Hammerson, said: 'By increasing our interest in the scheme we have an opportunity to undertake a major refurbishment of the centre. Romford remains a vibrant retail destination and there is strong retailer demand for representation in the town.' Alex Watt, Managing Director of Standard Life Investments' Property Division added: 'This transaction, coupled with other recent disposals in both the office and retail sectors is part of a carefully considered strategy which has freed substantial capital. This is being reinvested in a number of exciting new development opportunities here in the UK and in continental Europe.' For further information: Ronald Spinney Tel: 0171 887 1000 Chief Executive Hammerson plc Christopher Smith Director of Corporate Affairs Hammerson plc Alex Watt Managing Director Standard Life Investments Tel: 0131 245 2701

Companies

Hammerson (HMSO)
UK 100

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