Hammerson completes retail park sale to Capreon

Hammerson has completed the £164m sale of two retail parks in Bristol and Fife to Capreon, at a 7% yield. The shopping centre landlord had previously exchanged contracts for the sale in July. Capreon is owned by British property investor Leo Noé. The deal, which comprises Imperial Retail Park in Bristol and Fife Central Retail Park in Kirkcaldy, forms part of Hammerson’s plan to exit retail parks in the medium term. Zvi Noé, partner at Capreon, said: “These two dominant assets bolster our existing portfolio of well-located and strongly occupied retail parks.” Last week, Hammerson exchanged contracts on the sale of a 50% stake in its Highcross shopping centre in Leicester to Japanese bank Norinchukin, fronted by M&G Real Estate. The deal, first revealed by EG, created a £472m joint venture with the investor. The shopping centre owner recently increased its disposal target for 2018 to £600m as part of its reshaped strategy. The Highcross sale took Hammerson’s total disposals in 2018 to more than £530m. Hammerson chief excecutive David Atkins said at the time that the landlord has now achieved close to 90% of its 2018 disposal target. To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette