Hammerson total gross sales proceeds hit £495m for year after contracts exchanged on Glasgow shopping centre
Property developer Hammerson has exchanged or completed sales of six non-core assets for total gross cash proceeds of £92m since the half year.
The development and investment firm said the largest asset was an exchange of an unconditional contract for the sale of Glasgow shopping centre Silverburn. The deal was from 50/50 joint venture partners Hammerson and Canada Pension Plan Investment Board, to entities affiliated with Henderson Park and Eurofund..
The exchange was completed on Tuesday after market close, for £140m cash proceeds.
The Silverburn exchange represents a four per cent discount to 30 June 2021 book value of £147m, and a net initial yield of 9.3 per cent. The transaction is expected to complete in the first quarter of next year, with a £40m deposit presently held in escrow.
The other five assets sold totalled £22m and were made up of a “collection of non-strategic commercial and retail assets.” These assets were sold at a premium to 30 June 2021 book values.
The transactions mean that Hammerson’s total gross proceeds from sales in 2021 now stand at £495m, in addition to minority stake disposals of French and UK assets (£73m) and the sale of a UK retail parks portfolio (£330m).