Sale of Drakehouse Retail Park, Sheffield

RNS Number : 0504L

Hammerson PLC

23 April 2015

 



Hammerson plc

23 April 2015

SALE OF DRAKEHOUSE RETAIL PARK, SHEFFIELD 

Hammerson plc announces that it has completed the sale of Drakehouse Retail Park ("Drakehouse") in Sheffield to 90 North Real Estate Partners LLP for £61.7 million, which is ahead of the 31 December 2014 book value. The sale price represents a net initial yield of 6.4%.

At 21,000 m² Drakehouse is Sheffield's largest retail park, located seven miles south east of Sheffield city centre. The scheme is fully let and current tenants include Homebase, Currys, Wickes and B&M. In addition there is an 830 space car park.

David Atkins, Chief Executive of Hammerson, said: "The disposal of Drakehouse enables us to reallocate capital across our retail portfolio, including to our significant London retail development projects at Croydon and Brent Cross.

"By recycling the proceeds we are ensuring that we continue to focus our resources on the assets and developments which we believe will provide the best opportunities to deliver greater shareholder value in the future."

Hammerson was advised by Savills and 90 North Real Estate Partners LLP was advised by Staunton Whiteman.

ENDS

For further information:

David Atkins, CEO

Tel: [phone]

Media Contact:

Lindsay Noton, Head of Corporate Communications

Tel: [phone]

Notes to Editors

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 £7.7 billion and includes 22 prime shopping centres, 22 convenient retail parks and investments in 15 premium outlet villages, through our partnership with Value Retail and the VIA Outlets joint venture.

 

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