said it agreed todivest two properties in the U.K. for a combined £85 million.
Inthe first deal, the company agreed to sell the Manor Walks Shopping Centre inCramlington, Northumberland, to Arch Commercial Enterprise Ltd. for £78 million.
Thesale price represents a net initial yield of 7% and is "moderately below"the property's 2015-end book value, according to a statement.
Theasset is adjacent to the company's Westmorland Retail Park in the Cramlingtontown center. The shopping center underwent a 6,040-square-meter in 2013 to add acinema and diningspace. The company said it will retain ownership of the retail park.
Hammersonalso sold a 4,000-square-meter asset in Folkestone, U.K., for £7 million. Theproperty is leased to retail chain company The Range.
Thecompany noted that both transactions were agreed on prior to Brexit.