Hammerson PLC
27 June 2002
Hammerson Sells Freshney Place, Grimsby
Hammerson has exchanged contracts for the sale of its freehold interest in
Freshney Place Shopping Centre, Grimsby, to Grosvenor to raise net sale proceeds
of £98.9 million, approximately £3 million above its valuation on 31 December
2001. The property generates a gross rental income of approximately £7.8 million
per annum.
Commenting on the sale, John Richards, Chief Executive, Hammerson plc said:
'Today's transaction represents a good opportunity for the group to
realise the value of its investment in Freshney Place. We shall use the
proceeds to fund our continuing development programme, which includes
Bullring in Birmingham and other inner city regeneration projects
In addition, this year we have purchased interests in two major
shopping centres, The Shires in Leicester and Parinor near Paris. These
acquisitions demonstrate our continuing commitment to building our high
quality European retail property business.'
Following the disposal, Hammerson's shopping centre portfolio has a
value of approximately
£2.1 billion, made up of 20 centres, providing nearly 1,000,000 m2 of
space.
Hammerson was advised by Savills and Donaldsons and the purchaser was
represented by Jones Lang LaSalle.
For further information:
John Richards Tel: 020 7887 1000
Chief Executive Fax: 020 7887 1010
Christopher Smith
Director of Corporate Affairs
This information is provided by RNS
The company news service from the London Stock Exchange
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