Hammerson PLC
21 July 2003
Hammerson Sells Merseyway Centre, Stockport
Hammerson plc has sold its leasehold interest in the Merseyway Shopping Centre,
Stockport, to a private property company to raise net sale proceeds of £128
million. The 31,000 m2 shopping centre, built by Hammerson in 1966 and
refurbished in 1994, generates a net rental income of approximately £9.2 million
per annum.
The proceeds, which are close to book value, will be used to reduce the group's
borrowings.
Commenting on the sale, John Richards, Chief Executive, Hammerson plc said:
'In recent years we have substantially enhanced the quality of our
retail portfolio with the openings of The Oracle in Reading, WestQuay in
Southampton, and Bullring in Birmingham, which is nearing completion. Today's
transaction is in line with our strategy of recycling capital. Following this
disposal, Hammerson now owns only five properties that were in the portfolio
ten years ago.'
Hammerson's 16 shopping centres and 18 out-of-town retail holdings in the UK and
Continental Europe currently provide a total of over 1,200,000 m2 of space.
Hammerson was advised by Donaldsons and CB Hillier Parker.
For further information:
John Richards Tel: 020 7887 1000
Chief Executive
John Bywater Tel: 020 7887 1000
Managing Director, UK
Olivia Whiteoak Tel: 020 7887 1097
Corporate Communications Manager owhiteoak@hammerson.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
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