Hammerson has paid £120.6m for the Ravenhead Retail Park in St Helens, Lancashire. The property has a current annual net rental income of £4.8m.
Ravenhead Retail Park comprises 297,000 sq ft of retail space with partial open A1 planning consent. And an adjacent site has planning consent for an additional 87,000 sq ft.
Tenants of the 17 unit scheme, located within walking distance of St Helens town centre, include Arcadia, B&Q, Boots, Currys and Next.
The deal was structured through the purchase of a privately-owned company that had significant capital gains tax liabilities. According to Hammerson chief executive John Richards deals of this kind are likely to be more common now that Hammerson has opted for REIT status.
Have headline rents in shoping centres started to fall?
- Tiffany and Mulberry sign at Westfield London
- Spalding outlet springs into life
- Four more sign at Highcross Leicester
- Westfield unveils Westfield London catering l...
- Topshop goes big on Liverpool
- Urban Outfitters leads the charge at Cabot Ci...
- Cabot Circus transforms Bristol retail
- Phase Two opens at Liverpool One
- Capital growth
- Primark to anchor Willow Place, Corby
