Reflecting the continued rise in shopping centre values, the sale price represents 22 per cent premium over the property's book value of £229m at 31 December 2005.

Hammerson developed the original Liberty shopping centre in 1968 in a joint venture with Standard Life Investments. In 1999, it bought out Standard Life's 50 per cent stake for £53m and then spent £52m on a major redevelopment and refurbishment of the scheme, which was completed in 2003. The shopping centre now provides 441,000 sq ft of retail accommodation, anchored by Marks & Spencer and Debenhams, with a rent roll of £10m pa.

Chief executive John Richards, said: "Hammerson has added significant value to the Liberty shopping centre in recent years. The centre trades strongly and dominates its catchment. This was reflected in the good interest shown by potential investors." Hammerson was advised by Jones Lang LaSalle and Cosgrave was advised by CBRE.

Hammerson has also sold the Avenue retail park in Cardiff to the Lanebridge Property Fund for £37.5m.

Hammerson originally acquired the park as part of the Grantchester portfolio it bought in 2002, and in 2005, it spent £25m to improve and expand the scheme from 48,500 to 113,000 sq ft. Avenue Retail Park currently generates a net rental income of approximately £2.0m pa.

Printer friendly version

Email this article to a friend