Cosgrave has bought the 441,000 sq ft Liberty Shopping Centre in Romford, Essex, from Hammerson, for £281m.
The deal is at an initial yield of 3.6% and at a 23% premium to the book value of £229m recorded at the end of last year.
JP Morgan said it believed the deal showed that the investment market was still “hot” for quality investments. Hammerson has bought five retail parks across the UK for £425m within the past three weeks. Hammerson closed down 4p at 1,281p.
References: Financial Times 22/08/06 page 18, The Times 22/08/06 page 32, The Daily Telegraph 22/08/06 page B2, page B6 (DataBase), The Independent 22/08/06 page 36
