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Hammerson Raises $55M With Retail Park Sale

LONDON-Hammerson has raised £30.9 million ($55 million) with the sale of one of the properties it acquired in the Grantchester portfolio of out-of-town retail parks. The Ravensbourne Retail Park in Catford, south-east London has been sold to Standard Life Investments.

By Graham Parker | Updated on June 25, 2004

LONDON-Hammerson has sold the Ravensbourne Retail Park in Catford, south-east London to Standard Life Investments for £30.9 million ($55 million). The property was acquired by Hammerson through its purchase of Grantchester Holdings in September 2002, which marked the company’s emergence as a major player in the out-of-town retail market.The tenants of the 72,12-sf freehold property are PC World, Currys, Comet, Harveys and Carpetright, paying an aggregate rent of £1.5 million per annum. Hammerson was represented by Wilkinson Williams. The purchaser was represented by Green & Partners.Hammerson chief executive John Richards says: “In building our retail parks business, our strategy is to focus on those assets where we can add value through development or active asset management. We are recycling the proceeds from this disposal into a number of projects and continue to look for further opportunities in the sector.”

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