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Hammerson closes £164M sale of UK retail parks

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Hammerson closes £164M sale of UK retail parks

Hammerson PLC wrapped up the £164 million sale of two retail parks located in Bristol, U.K., and Fife in Scotland to property investment company Capreon, Property Week reported.

The two parties first signed agreements for the transaction in July, with the price reflecting a 7% net initial yield.

The Imperial Retail Park in south Bristol spans 347,000 square feet and is 95% leased, while the 97% occupied Fife Central Retail Park occupies 325,000 square feet of space, with tenants like B&Q, M&S Foodhall and Boots. The Oct. 10 report added that the two assets are part of the U.K. retail real estate investment trust's plan to shed £600 million worth of properties, most of which will come from its retail parks portfolio.

The sale of the two retail parks will bring the REIT's total sale proceeds to £300 million year-to-date.