Hammerson has sold Westmorland Retail Park in Northumberland to Arch Commercial Enterprise for £36m – a 5.8% yield.
The deal reflects a price “moderately below” its June book value, Hammerson said.
Arch bought the adjacent Manor Walks shopping centre from Hammerson in July. The two schemes offer the core shopping offer for Cramlington town centre.
Hammerson acquired Westmorland Retail Park in 2006 and has refurbished and extended the scheme, signing new high street brands including Currys PC World, TK Maxx, Costa and M&S Food.
Hammerson chief executive David Atkins said: “It is encouraging to see continued interest in well-positioned retail park assets at supportive pricing levels.”
• To send feedback, e-mail louisa.clarence-smith@estatesgazette.com or tweet @LouisaClarence or @estatesgazette
