Henderson Global Investors has agreed to buy Hammerson’s Fforest-fach retail park in Swansea for around £85m.
The 135,000 sq ft retail park has open A1 retail consent and is let to tenants including Borders, JJB Sports, Next, WH Smith and Pizza Hut. It generates an annual rent of around £3.4m, representing an initial yield of 4%. There is also an adjacent Tesco Extra superstore which, although not owned by Hammerson, attracts a number of customers to the park.
Henderson beat a number of rivals to the deal, including Pillar Property, Universities Superannuation Scheme and Prudential. Hammerson bought the scheme from Stadium Group for £57.7m back in August 2002. Morgan Williams acted for Henderson. Harvey Spack Field represented Hammerson.
Source: Freeman News/Property Week