Hammerson sells Three Spires for £33m

UK REIT Hammerson said on Thursday that it has exchanged contracts to sell Three Spires, Lichfield, to a client of Orchard Street Investment Management, who will complete the acquisition directly from St. Martins Property Investments. The transaction price amounts to £33 mln (EUR 37 mln), which is the same amount Hammerson paid for the asset last month.

Hammerson announced in March that it was buying the 17,000-m² shopping centre forming the city's prime retail pitch as part of a larger portfolio deal with St Martins.

In a statement to announce its first-quarter results, the UK REIT said it has carried out around £308 mln of acquisitions since the start of the year, in line with announced plans to add growth potential to its portfolio. Major purchases included a 50% interest in SQY Ouest, Saint Quentin-en-Yvelines in Paris; the remaining 75% interest in the existing Central Retail Park in Falkirk; and the portfolio of six UK retail assets from St. Martin's Property Investments.

In the first three months of 2011, Hammerson also submitted a planning application for one of the UK's largest shopping centre developments at Eastgate Quarters, Leeds, as well as for a new 55,000-m² office and residential development at Principal Place, London EC2.

'This has been an extremely active period where, in line with our strategy, we have enhanced the growth prospects of our portfolio through both acquisitions and progressing major developments,' said CEO David Atkins. 'Whilst the economic backdrop for consumers remains difficult, we are seeing the benefit of our focus on regionally dominant shopping centres and convenient retail parks, which continue to attract successful retailers.'