Hammerson sells two retail parks

Imperial retail park, Bristol and Fife Central retail park, Kirkcaldy sold to Capreon for £164m

Hammerson has sold Imperial retail park, Bristol and Fife Central retail park, Kirkcaldy for a combined £164m to Capreon. The sale brings Hammerson’s total disposals in 2018 to £300m.

Imperial retail park, acquired in 2012 as part of the Junction portfolio, covers a total of 35,000 sq ft and is the largest retail and leisure destination in South Bristol. The scheme is anchored by B&Q, The Range, HomeSense, M&S Foodhall, Next and Boots, and is currently 97 per cent let.

Fife Central, acquired in 2005, covers a total of 330,000 sq ft, is 95 per cent let and anchored by B&Q, Sainsbury’s, M&S Simply Food and Next. Hammerson has actively managed the scheme during its ownership, delivering an extension and implementing key asset management initiatives, including repurposing space formerly occupied by Homebase to create a further four new retail units and two restaurants.

The total sale price represents a net initial yield of 7 per cent, and a discount of approximately 10 per cent to the December 2017 book value.

Hammerson CEO David Atkins said: “We continue to see opportunities to dispose of selected assets in order to better deploy capital on behalf of our shareholders. With £300m of sales achieved this year, we are already over half-way to reaching our planned disposal target for 2018.”

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