Hammerson sells Thurrock shopping park for £93m

20th Jun 2016 07:02

(ShareCast News) - Hammerson said it has exchanged contracts and completed the sale of Thurrock Shopping Park, Essex, to TH Real Estate for £93m.The sale price represents a net initial yield of 5.3% and is moderately below the book value as at 31 December 2015, Hammerson said. It purchased the property for £64m in 2012 as part of the Junction Fund Portfolio.The company said ownership of a 26 acre site is being retained for development with planning consent for 320 residential units over 18 acres and 7,600m2 of retail and leisure.Chief executive David Atkins said the sale was a further step in Hammerson's £300m disposal programme which highlighted its continued focus on rotating its retail platform towards our higher growth assets."Thurrock has shown excellent returns during our ownership and this transaction provides a good opportunity to crystallise a £26m profit on cost with further upside expected from the retained development opportunity," he said.