Hammerson plc announces that it has completed the sale of Drakehouse Retail Park in Sheffield to 90 North Real Estate Partners LLP for £61.7 mln (approx. €86.5 mln), which is ahead of the 31 December 2014 book value. The sale price represents a net initial yield of 6.4%.
At 21,000 m2
Drakehouse is Sheffield’s largest retail park, located seven miles south east of Sheffield city center. The scheme is fully let and current tenants include Homebase, Currys, Wickes and B&M.
David Atkins, Chief Executive of Hammerson, said: “The disposal of Drakehouse enables us to reallocate capital across our retail portfolio, including to our significant London retail development projects at Croydon and Brent Cross.”