Hammerson has announced the sale of its leasehold interest in the Merseyway Shopping Centre, Stockport, for ÃÂ£128m. The centre, which was sold to a private investor, comprises 31,000 sq m of retail space and generates a net rental income of around ÃÂ£9.2m a year. It was built by Hammerson in 1966 and then refurbished in 1994.
The proceeds from the disposal will be used to reduce the companyÃ¢â¬â¢s borrowings.
John Richards, Hammerson Chief Executive, commented: Ã¢â¬ÅIn recent years we have substantially enhanced the quality of our retail portfolio with the openings of The Oracle in Reading, WestQuay in Southampton, and the Bullring in Birmingham, which is nearing completion. TodayÃ¢â¬â¢s transaction is in line with our strategy of recycling capital. Following this disposal, Hammerson now owns only five properties that were in the portfolio ten years ago.Ã¢â¬Â
Hammerson was advised by CB Hillier Parker and Donaldsons on the sale.