Premium post
Hammerson has appointed Maxime Depreux as chief operating officer in its premium outlets team, with responsibility for its portfolio of European outlets. Depreux, who joined Hammerson France in 2009, will report to Timon Drakesmith, chief financial officer and managing director of the premium outlets arm.
Mothercare cuts
High street baby and child retailer Mothercare has said it will reduce its store portfolio as 41% of its sales are now online. In its latest results, it revealed pretax profits dropped by 26.8% to £7.1m in the 52 weeks to 25 March and pretax profits across the group were broadly flat at £19.7m despite a 2.2% drop in group sales to £667.4m.
Terminal offer
Northern Irish investment group Wirefox, backed by Hong Kong equity, has put Resolution Property’s Ocean Terminal in Edinburgh under offer for £57m – a circa 8% yield. Resolution first put the 420,000 sq ft shopping centre on the market for £85m in April last year through CBRE.
Campus canned
Hammersmith & Fulham Council has ended a joint venture with Grainger and Helical Bar to redevelop the £150m King Street Campus, W6. They were selected in 2008 to develop the 6.5-acre site, which would have included 200 flats, offices and a cinema, but no progress has been made on the scheme.
Morgan Quarter sold
Helical has sold the Morgan Quarter in Cardiff to LaSalle Investment Management for £55m – a net initial yield of 5.9%. The 300,000 sq ft asset includes a department store and two Victorian arcades. The sale reflects a reversionary yield of 6.9%. Helical was advised by JLL; LaSalle was represented by Savills.
