Hammerson is selling Manor Walks shopping centre in Cramlington, Tyne & Wear, for £70m – a 7.5% yield.
Savills is marketing the 519,896 sq ft shopping centre. It is one of the first shopping centre investment opportunities to be put up for sale in weeks amid a nationwide slowdown of the investment market in the run-up to the EU referendum on 23 June.
Last year TK Maxx opened a 20,000 sq ft shop at Manor Walks shopping centre, and a new nine-screen view cinema and restaurant extension opened at the centre in 2013.
The sale is part of Hammerson’s recent strategy to sell off some of the smaller assets from its portfolio in order to focus on trophy assets.
The retail REIT bought Grand Central shopping centre in Birmingham for £335m in January, as well as the €1.2bn (£900m) Project Jewel loan portfolio last year alongside joint venture partner Allianz Real Estate.
The portfolio included Dundrum in Dublin, Ireland’s largest shopping centre.
It is also looking to focus on its other major schemes, which include its redevelopment of the Whitgift Centre in Croydon in partnership with Westfield as well as its retail development at Brent Cross, north London.
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