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Hammerson Sells Slough Shopping Centre

LONDON-Hammerson has sold the 320,000-sf Queensmere shopping centre in Slough, Berkshire to an unnamed provate investor. The proceeds will be reinvested in Hammerson's new developments in Birmingham, Bristol and Sheffield.

By Graham Parker | Updated on October 08, 2001

LONDON-Hammerson has sold its Queensmere shopping centre in Slough, Berkshire, to a private property company for £105 million ($155 million). The 320,000-sf mall has recently undergone a £15 million ($22 million) refurbishment, which won a commendation in the British Council of Shopping Centre’s 1999 Shopping Centre Awards.

Marks &Spencer, Littlewoods and Allders are the main anchors and other recent arrivals include Accessorize, Julian Graves, Toni & Guy, Days Gone Bye, Ernest Jones and The Outlet. The centre produces approximately £8 million ($12 million) per annum in rent. At 8 per cent, the purchase represents an attractive yield at a time when the cost of borrowing is falling by the week.

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