Hammerson exchanges on Manor Walks in Northumberland

19th Jul 2016 07:24

(ShareCast News) - Hammerson announced on Tuesday that it has exchanged contracts for the sale of Manor Walks Shopping Centre, Cramlington in Northumberland to Arch Commercial Enterprise for £78m.The FTSE 100 firm said Manor Walks adjoins Westmorland Retail Park, which it will retain ownership of, and the two schemes form the core retail offer for Cramlington town centre, nine miles north of Newcastle.Further to acquiring the scheme in 2006, a 6,040 square metre extension of Manor Walks was completed in 2013 delivering a new Vue cinema complex and bringing restaurants Prezzo and Frankie & Benny's to Northumberland.The sale price for Manor Walks represents a net initial yield of 7%, Hammerson reported, with the price moderately below book value as at 31 December.In a separate transaction, Hammerson has also sold a 4,000 square metre property let to The Range in Folkestone for £7m, bringing the total value of disposals to £85m.The company confirmed that both transactions were exchanged on terms agrees prior to the referendum."These transactions represent further progress in our disposal programme with £200 million of our £300 million target now concluded," said Hammerson CEO David Atkins."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."