TH Real Estate has bought Thurrock Shopping Park in Essex from Hammerson for £93m – a net initial yield of 5.3%.
The park comprises two retail schemes, totaling 274,480 sq ft, and is situated next to junction 31 of the M25.
Tenants include M&S, Gap, Pets at Home, Decathlon, Boots, Evans Cycles and Dunelm.
Hammerson bought the park for £64m in 2012 as part of its Junction Fund Portfolio.
Since then, it has spent £3m on redeveloping the cinema site into three new shop units and changed the tenant mix to be fashion-led, with new tenants including the UK’s first Nike Outlet on a retail park.
Hammerson has also secured planning consent on the 26-acre development site, which it has retained to build out 320 residential units over 18 acres with 81,806 sq ft of shops and leisure.
Hammerson chief executive David Atkins said:“I am pleased to announce a further step in our £300m disposal programme which highlights our continued focus on rotating Hammerson’s retail platform towards our higher growth assets”
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