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Hammerson sells two retail parks

26 May 2017 07:26

Hammerson has exchanged contracts for the sale of Westwood and Westwood Gateway Retail Parks, Thanet, to clients of BMO Real Estate Partners for £80m, having transformed the retail offer since acquisition and significantly increased rents.

The retail parks - which cover a total of 24,900 sq m - are located in Kent and benefit from a strong line-up of homeware retailers including Homebase, Wren, Tapi, SCS and Dunelm.

Hammerson acquired Westwood Retail Park in 2002 and since then has actively repositioned the asset through extensions and tenant engineering.

The adjacent Westwood Gateway site was constructed in 2005 and a new retail terrace was added in 2009.

A further extension of two units was added in 2016.

Hammerson said that since acquisition, more than 15,000 sq m of new floor space had been added and the rental income had increased by over 200%.

It said the sale price represented a net initial yield of 6.5% and was slightly below December 2016 book value.

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