Hammerson Reports Sale Of Queensgate Shopping Centre - Quick Facts

(RTTNews) - Hammerson plc (HMSO.L) and Aviva Investors, who own Queensgate Shopping Centre in Peterborough in a 50:50 joint venture, have exchanged contracts to sell the freehold of the centre to Invesco Real Estate for 202 million pounds. Net passing rent for Queensgate is currently 13 million pounds and the sale may be complete in early 2014. The transaction is marginally below Hammerson's book value at June 2013.

Originally constructed in 1982, the 83,300m² shopping centre has over 110 stores and restaurants. Hammerson, in its capacity as the centre's asset manager, delivered a 5,500m² Primark store and an improved catering offer in 2012.

Hammerson said it would now recycle the capital into higher return opportunities in both the UK and France. 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."