Hammerson and Aviva Investors have sold their Queensgate Shopping Centre in Peterborough to Invesco Real Estate for £202m – a net initial yield of 6.1%.
The 868,648 sq ft shopping centre was held in a 50:50 joint venture by Aviva and Hammerson.
Hammerson will use the proceeds from the sale to fund “higher return” opportunities in the UK and France, a company announcement said this morning.
David Atkins, chief executive of Hammerson, said: “This disposal brings further liquidity into the business and follows our recent successful $443m US private placement. 2014 will see major progress on our development projects and these additional funds will help us grow the business through our substantial development and refurbishment programme and selected acquisitions.”
Chris Paterson, director, real estate at Aviva Investors, said “This has been an excellent partnership and we have enjoyed working with Hammerson. The centre was well received by the market and we are very satisfied with the end result.”
