X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Hammerson was advised by DTZ Debenham Tie Leung and Hartnell Taylor Cook represented the purchaser.

Hammerson chief executive John Richards said: ‘Having opened new regional shopping centres in Reading and Southampton in the last two years, we felt this was a good opportunity to realise the value of the investment in Queensmere. We shall use the proceeds to fund our continuing development programme, which includes the Bull Ring in Birmingham.’

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.