Hammerson and CPPIB have sold the Silverburn shopping centre in Glasgow for £140m.
“Entities affiliated with Henderson Park and Eurofund” have handed over a £40m deposit for the 1m sq ft centre, which Hammerson jointly owns with Canada Pension Plan Investment Board.
The deal represents a 4% discount to book value of £147m and a net initial yield of 9.3%. The sale is expected to complete in Q1 2022.
Hammerson said this morning that it had generated a total of £92m in cash from the sale of non-core assets since its half-year in June. The other five assets sold, totalling £22m, represent a collection of non-strategic commercial and retail assets which were sold at a premium to 30 June 2021 book values.
Together with minority stake disposals of French and UK assets valued at £73m and the sale of the UK Retail Parks portfolio for £330m in the first half of the year, Hammerson has raised a total of £495m from sales in 2021.
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