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Hammerson sells Manor Walks Shopping Centre

By Danielle Wightman-Stone

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Shopping centre owner Hammerson has sold its Manor Walks Shopping Centre in Cramlington, Northumberland, to Arch Commercial Enterprise for 78 million pounds.

Manor Walks adjoins Westmorland Retail Park and the two schemes form the core retail offer for Cramlington town centre which is situated nine miles north of Newcastle.

After acquiring the schemes in 2006, Hammerson completed a 65,000 square foot extension of Manor Walks in 2013 to make it more of a leisure proposition with the addition of a Vue multiplex cinema and restaurants including Prezzo and Frankie and Benny’s.

Hammerson will retain ownership of Westmorland Retail Park, which includes retailers Marks and Spencer and TK Maxx.

In a separate transaction, Hammerson has also sold a 43,000 square foot property let to The Range in Folkestone for 7 million pounds, bringing the total value of disposals to 85 million pounds. Both transactions were exchanged on terms agreed prior to the EU Referendum.

Hammerson chief executive David Atkins said: "These transactions represent further progress in our disposal programme with 200 million pounds of our 300 million pounds target now concluded. Having sold three assets in the last five weeks this clearly indicates that investors continue to recognise the attractive income returns from well-positioned retail property assets.”

Hammerson