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LONDON-Hammerson has raised £128 million ($200 million) with the sale of the leasehold interest in the Merseyway Shopping Centre in Stockport, Manchester. The 333,000-sf shopping centre was built by Hammerson in 1966 and refurbished in 1994. It generates a net rental income of approximately £9.2 million ($14.6 million) per annum.

Hammerson Chief Executive John Richards said: “In recent years we have substantially enhanced the quality of our retail portfolio with the openings of The Oracle in Reading, WestQuay in Southampton, and Bullring in Birmingham, which is nearing completion. Today’s transaction is in line with our strategy of recycling capital. Following this disposal, Hammerson now owns only five properties that were in the portfolio ten years ago.”

Hammerson, which still owns 16 shopping centres and 18 out-of-town retail parks in the UK and Continental Europe with a total of 13 million sf of space, was advised by Donaldsons and CB Hillier Parker.

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