Hammerson sells Queensgate Shopping Centre

20th Dec 2013 07:10

Hammerson and Aviva Investors are selling its joint venture Queensgate Shopping Centre in Peterborough to Invesco Real Estate for 202m pounds. Net passing rent for Queensgate is currently £13m and the disposal is expected to be completed in early 2014. The transaction is marginally below Hammerson's book value at June 2013.Originally built in 1982, the shopping centre has more than 110 stores and restaurants. Hammerson, in its capacity as the centre's asset manager, delivered a Primark store and an improved catering offer in 2012. Hammerson will now recycle the capital into higher return opportunities in the UK and France. David Atkins, Chief Executive of Hammerson, said: "This disposal brings further liquidity into the business and follows our recent successful $443m US private placement. 2014 will see major progress on our development projects and these additional funds will help us grow the business through our substantial development and refurbishment programme and selected acquisitions."RD