Hammerson plc has exchanged contracts for the sale of its freehold interest in Ravensbourne Retail Park, Catford, to Standard Life Investments for a total consideration of £30.9 million in cash, in line with its book value at 31 December 2003. It is anticipated that completion will take place by the end of June 2004.
The tenants of the 6,700 m² freehold property are PC World, Currys, Comet, Harveys and Carpetright. The property generated passing rents of £1.5 million per annum at 31 December 2003. The property was acquired by Hammerson through its purchase of Grantchester Holdings PLC in September 2002.
John Richards, Chief Executive of Hammerson, said: “In building our retail parks business, our strategy is to focus on those assets where we can add value through development or active asset management. We are recycling the proceeds from this disposal into a number of projects and continue to look for further opportunities in the sector.”
Hammerson was represented by Wilkinson Williams. The purchaser was represented by Green & Partners.