St Oswald’s Retail Park. Credit: Hammerson
Ticker

Disposal of St Oswald’s Retail Park, Gloucester

Hammerson plc has exchanged contracts on the sale of St Oswald’s Retail Park, Gloucester, to a local authority for £54m.

The sale price reflects a net initial yield of 8.5%, and is 8% below the 30 June 2019 book value.

The 20,900m2 scheme, which is located to the north of Gloucester city centre offers a range of bulky goods, retail and leisure space over two terraces. Flagship tenants include Homesense, B&Q and Wren Kitchens.
Hammerson originally developed the site in 2005, and has since increased the overall number of units on the park to improve the brand mix.

Following this transaction, Hammerson has achieved £577m of disposals in 2019, exceeding its minimum disposal target, of in excess of £500m, for the financial year. This includes the sale of a major stake in its Italie Deux flagship destination in Paris for £423m, announced in July, as well as additional retail park disposals.

David Atkins, Hammerson Chief Executive, said: “Despite a challenging investment market, we are successfully executing disposals in line with our priority to reduce debt and strengthen our balance sheet. These transactions also give us the flexibility to capitalise on the opportunities we see in the market, particularly with regards to our City Quarters pipeline, which is core to the future direction and success of our business.”

Sign up for our ACROSS Newsletter. Subscribe to ACROSS Magazine.

Ticker MORE

Etele Plaza receives occupancy permit – tenants start moving in

The EUR 300 million Etele Plaza developed by Futureal has received the occupancy permit. Therefore, the tenants can now start setting up their stores in Buda’s largest shopping centre. The environment friendly complex with a rentable area of 55,000 sq m will bring the next generation of plaza design to Hungary this September.

Labtech appoints new Retail Asset Manager for Hawley Wharf Camden

LabTech has announced the appointment of Jonny Perkins as Retail Asset Manager for its new 580,000 sq ft development, Hawley Wharf Camden, and LabTech’s other Camden holdings.

Hines secures leasing of flagship retail store in Madrid

Hines has fully leased the retail space at its prime Calle Preciados 13 development in the heart of Madrid.

Sebastian Mueller to spearhead Kintyre’s new Advisory business

Kintyre, the Frankfurt and Berlin based investor and real estate platform, has announced the key appointment of Sebastian Mueller (44), to lead Kintyre’s newly founded Advisory business, and to join its senior management team.

Vienna-based Wowflow raises €300K to help facility management teams focus on real work

Wowflow, a mobile-first collaboration and workflow solution for facility maintenance teams, has raised a €300 thousand pre-seed investment to speed up growth in the German-speaking markets.

ACROSS Retail Talks online, on the topic “Outlook 2021”

The ACROSS Advisory Board has its say. On February 25, the ACROSS Retail Talk on "Outlook 2021" took place. 16 members of the ACROSS Advisory Board discussed the expectations and perspectives of the placemaking industry in an exciting year. A large, prominent expert audience followed the online event.