Hammerson agreed to sell the Union Square shopping centre in Aberdeen, Scotland, to an affiliate of Lone Star Real Estate Fund VI, for c. €129.9m.
The British real estate group aims to complete the sale of the 52,000m2 shopping centre in the first quarter, with the proceeds to be used towards reducing net debt and providing additional capacity for reinvestment into the core portfolio.
The price represents an 8% discount to the book value of Union Square at the end of December - and a net initial yield of 11%.
The central shopping centre, including a hotel, cinema and restaurants, opened in 2009. Hammerson claimed that it had 14.6 million annual footfall, a 93-minute average dwell time and a €68 average retail spend.
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