Hammerson this morning confirmed that it had exchanged contracts to sell one of the malls it bought as part of its acquisition of the St Martins retail portfolio.
The REIT has agreed to sell the 133,000 sq ft Three Spires in Lichfield to a client of Orchard Street Investment Management for around £33m.
Orchard will complete the acquisition directly from St Martins.
The deal reduces Hammerson’s purchase cost of the portfolio to £188m.
John Humberstone, a partner at Orchard Street, said: “This centre is the prime shopping pitch in a cathedral city, with a prosperous catchment area and it has some interesting asset management opportunities. We are confident that it will achieve sustainable growth over the coming years.”
Knight Frank advised Orchard Street; CB Richard Ellis is advising Hammerson.
samantha.mcclary@estatesgazette.com
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