Hammerson has exchanged contracts for the sale of two retail parks for £164m to Capreon.
The deal – which comprises Imperial Retail Park in Bristol and Fife Central Retail Park in Kirkcaldy – will bring Hammerson’s total proceeds from disposals in 2018 to £300m if it completes.
Capreon is owned by British property investor Leo Noé.
Hammerson chief executive David Atkins said: “We continue to see opportunities to dispose of selected assets in order to better deploy capital on behalf of our shareholders. With £300m of sales achieved this year, we are already over halfway to reaching our planned disposal target for 2018.”
Imperial Retail Park covers just under 350,000 sq ft and is the largest retail and leisure destination in south Bristol. Its tenants include B&Q, The Range, HomeSense, M&S Foodhall, Next and Boots, and it is 97% let.
Fife Central Retail Park, covers around 325,000 sq ft. It is 95% let and anchored by B&Q, Sainsbury’s, M&S Simply Food and Next.
The total sale price represents a net initial yield of 7%.
Last month, EG reported that Hammerson is preparing to sell a 50% stake in its Highcross shopping centre in Leicester to a Japanese bank.
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