Hammerson has sold Manor Walks Shopping Centre in Cramlington, Northumberland, to Arch Commercial Enterprise for £78m – a net initial yield of 7%.
Manor Walks adjoins Westmorland Retail Park and the two schemes make up the primary shopping offer for Cramlington town centre, which is nine miles north of Newcastle.
Hammerson acquired the scheme in 2006 as part of a retail warehouse portfolio through its purchase of LxB Holdings, an out-of-town retail property specialist.
The retail REIT completed an 65,000 sq ft extension of Manor Walks in 2013, delivering a Vue multiplex cinema and new restaurants including Prezzo and Frankie &Benny’s.
Hammerson will retain ownership of Westmorland Retail Park, where it plans to upgrade the existing tenant mix.
Hammerson has also sold a 43,000 sq ft property let to home retailer The Range in Folkestone, Kent, for £7m.
Both transactions were exchanged on terms agreed prior to the referendum.
Hammerson chief executive David Atkins said: “These transactions represent further progress in our disposal programme with £200m of our £300m target now concluded.
“Having sold three assets in the past five weeks, we can see that investors continue to recognise the attractive income returns from well-positioned retail property assets.”
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