X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LONDON-Hammerson has sold the 300,000-sf Freshney Place shopping centre in Grimsby, Lincolnshire, to the Duke of Westminster’s Grosvenor for a net £98.9 million ($151 million).

The mall includes virtually all of the prime retailing in the port of Grimsby, generating a gross rental income of £7.8 million ($11.5 million) per annum. Built in the 1970s and refurbished in 1991, Freshney Place has 100 shops, anchored by Bhs, Boots & WH Smith, plus a 1,050-space car park. The latest lettings include Next, which took over the former C&A store and HMV which last month took a new unit created by the combination of two former Arcadia stores.

Hammerson Chief Executive John Richards made it clear that the sale did not represent any lessening of Hammerson’s commitment to the shopping centre sector, where it is one of Europe’s leading players. He said the deal “represents a good opportunity for the group to realise the value of its investment in Freshney Place. We shall use the proceeds to fund our continuing development programme, which includes Bullring in Birmingham and other inner city regeneration projects,” he said.

This year Hammerson has bought The Shires in Leicester and Parinor near Paris, leaving it with a £2.1 billion ($3.2 billion) shopping centre portfolio made up of 20 centres, providing more than 10 million sf of floorspace.

Hammerson was advised by Savills and Donaldsons and the purchaser was represented by Jones Lang LaSalle.

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
  • 1 free article* every 30 days across the ALM subscription network
  • 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 © 2021 ALM Media Properties, LLC. All Rights Reserved.