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Hammerson sells Thurrock shopping park for £93m

Staff writer |
Hammerson said it has exchanged contracts and completed the sale of Thurrock Shopping Park, Essex, to TH Real Estate for £93 million.

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The sale price represents a net initial yield of 5.3% and is moderately below the book value as at December 31, 2015, Hammerson said. It purchased the property for £64m in 2012 as part of the Junction Fund Portfolio.

The company said ownership of a 26 acre site is being retained for development with planning consent for 320 residential units over 18 acres and 7,600m2 of retail and leisure.

CEO David Atkins said the sale was a further step in Hammerson's £300m disposal programme which highlighted its continued focus on rotating its retail platform towards our higher growth assets.

"Thurrock has shown excellent returns during our ownership and this transaction provides a good opportunity to crystallise a £26m profit on cost with further upside expected from the retained development opportunity," he said.

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