Hammerson sells two Kent retail parks
loading...
UK property developer Hammerson has sold two of its retailer parks in Kent to BMO Real Estate Partners for 80 million pounds.
The Westwood in Thanet, Kent was acquired by Hammerson in 2002, the property company then constructed the adjacent Westwood Gateway in 2005, and a new retail terrace was added in 2009. In addition, a further extension of two units was added in 2016.
Both retail parks cover over 268,000 square foot, and since the Hammerson acquisition they have added more than 161,400 of new floor space and the rental income has increased by more than 200 percent.
The sale price represents a net initial yield of 6.5 percent and is slightly below its book value December 2016.
Hammerson chief executive David Atkins said: “We continue to actively manage our retail park portfolio, realising proceeds to recycle into higher growth opportunities. We are progressing with our planned disposal programme for the year and remain committed to reducing leverage ahead of progressing with our development pipeline.”
Key retailers at the Westwood retail parks includes Matalan and Sports Direct.