Disposal of Manor Walks Shopping Centre

RNS Number : 5322E

Hammerson PLC

19 July 2016

 

19 July 2016

Disposal of Manor Walks Shopping Centre, Cramlington

Hammerson plc ("Hammerson") has exchanged contracts for the sale of Manor Walks Shopping Centre, Cramlington ("Manor Walks") in Northumberland to Arch Commercial Enterprise Ltd for £78 million.

Manor Walks adjoins Westmorland Retail Park and the two schemes form the core retail offer for Cramlington town centre situated nine miles north of Newcastle. 

Further to acquiring the schemes in 2006, a 6,040m² extension of Manor Walks was completed in 2013 delivering a new Vue multiplex cinema and an enhanced dining offer with restaurants Prezzo and Frankie & Benny's taking space, which marked debuts for both brands in Northumberland.

Hammerson will retain ownership of Westmorland Retail Park. Having  attracted a number of new retailers to the park including a Marks & Spencer Simply Food and TK Maxx there remains further potential to enhance the tenant mix.

The sale price for Manor Walks represents a net initial yield of 7%, and is moderately below book value as at 31 December 2015. 

In a separate transaction, Hammerson also today announces that it has also sold a 4,000m² property let to The Range in Folkestone for £7 million, bringing the total value of disposals to £85 million. Both transactions were exchanged on terms agreed prior to the Referendum.

David Atkins commented: "These transactions represent further progress in our disposal programme with £200 million of our £300 million target now concluded. Having sold three assets in the last five weeks this clearly indicates that investors continue to recognise the attractive income returns from well-positioned retail property assets."

For further information:

David Atkins, CEO

020 7887 1000

Rebecca Patton, Head of Investor Relations

020 7887 1109

Catrin Sharp, Head of Corporate Communications     

020 7887 1063

Notes to Editors

About Hammerson

Hammerson is a FTSE 100 owner, manager and developer of retail destinations in Europe. Our portfolio of high-quality retail property has a value of around £9.1 billion and includes 21 prime shopping centres, 20 convenient retail parks and investments in 15 premium outlet villages, through our partnership with Value Retail and the VIA Outlets joint venture. Key investments include Bullring, Birmingham, Bicester Village, Dundrum Town Centre and Les Terrasses du Port, Marseille. 

 

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