Hammerson plc has exchanged contracts for the sale of Avenue Retail Park, Cardiff, to The Lanebridge Property Fund for approximately €52 million (£37.5 million).
Hammerson acquired its original investment in the park as part of its acquisition of Grantchester Holdings PLC in 2002. In 2005, Hammerson carried out a major improvement programme and expansion of the scheme at a cost of approximately €35 million (£25 million), increasing its size by 4,500 m² to 10,500 m². Avenue Retail Park currently generates a net rental income of approximately €2.8 million (£2.0 million) per annum.
John Richards, Chief Executive of Hammerson plc, said: "Having added value through the redevelopment, we are selling this property in order to reinvest in other opportunities in the retail parks sector."