Hammerson is selling on one of the assets it bought as part of the £208m St Martins Property Investments portfolio. The REIT is in talks with LaSalle Investment Management to sell the Three Spires shopping centre in Lichfield, Staffordshire, for around £30m – a circa 8% yield. The scheme is anchored by discount store chain TJ Hughes, which had its credit insurance pulled earlier this month. Hammerson completed its acquisition of the St Martins assets last week. Alongside Three Spires, the portfolio comprises the Centrale shopping centre in Croydon, the Northumberland Street shopping mall in Newcastle upon Tyne, the Elliott’s Field retail park in Rugby, the Cathedral Lanes shopping complex in Coventry, and a Wickes in Folkestone. Sources said that Hammerson was selling Three Spires because it had never intended adding the scheme to its own portfolio. Jones Lang LaSalle is advising LIM; CB Richard Ellis is acting for Hammerson.
Hammerson reshuffles St Martins with mall sale
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Hammerson is selling on one of the assets it bought as part of the £208m St Martins Property Investments portfolio.
The REIT is in talks with LaSalle Investment Management to sell the Three Spires shopping centre in Lichfield, Staffordshire, for around £30m – a circa 8% yield.
The scheme is anchored by discount store chain TJ Hughes, which had its credit insurance pulled earlier this month.
Hammerson completed its acquisition of the St Martins assets last week.
Alongside Three Spires, the portfolio comprises the Centrale shopping centre in Croydon, the Northumberland Street shopping mall in Newcastle upon Tyne, the Elliott’s Field retail park in Rugby, the Cathedral Lanes shopping complex in Coventry, and a Wickes in Folkestone.
Sources said that Hammerson was selling Three Spires because it had never intended adding the scheme to its own portfolio.
Jones Lang LaSalle is advising LIM; CB Richard Ellis is acting for Hammerson.
annabel.dixon@estatesgazette.com
