Hammerson sells Essex shopping centre for £281m

The property developer Hammerson, which owns the Brent Cross shopping centre in London, disposed of another part of its portfolio yesterday by agreeing to sell its Liberty shopping centre in Romford, Essex, to the Cosgrave Property Group for £281m.

The centre provides 41,000 square metres of retail space to the likes of Marks & Spencer and Debenhams and is expected to generate rent of about £10m this year.

Hammerson, which included adjacent offices in the sale, built the original Liberty centre in a joint venture with Standard Life Investments in 1968. Some 31 years later, Hammerson swallowed Standard Life's 50 per cent share of the freehold for about £53m. A further £52m was shelled out by Hammerson to redevelop and refurbish the centre in a four-year programme.

The company is regarded by many City experts as one of the most adept developers in the sector, with an emphasis of ploughing back sale receipts into improving its properties before selling them on at a premium.

John Richards, the chief executive, said: "Hammerson has added significant value to the Liberty shopping centre in recent years. It trades strongly and dominates its catchment. This was reflected in the good interest shown by investors."

He added that the disposal was consistent with Hammerson's policy of recycling capital and follows the recent £425m acquisition of five retail parks from LxB Holdings. These are in Newcastle, Swansea, Oxford, Didcot and Belfast, and all came with planning permission.

This month, Hammerson sold its interest in two London properties in Hanover Square to its rival, Great Portland Estates, after disposing of the Avenue retail park in Cardiff to the Lanebridge Property fund for £37.5m.

On a lacklustre day for stock markets, Hammerson shares eased 4p to 1,281p valuing the group at almost £3.7bn. However, they have soared from less than 450p in early 2003.

In May, Hammerson revealed that it would become the UK's first property company to convert into a Real Estate Investment Trust (Reit) to exploit tax advantages of new legislation due to come into effect next year.

Start your day with The Independent, sign up for daily news emails
PROMOTED VIDEO
ebooks
ebooksA special investigation by Andy McSmith
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Recruitment Genius: Software Development Manager

£40000 - £50000 per annum: Recruitment Genius: This is an exciting opportunity...

Ashdown Group: Product Manager - (Product Marketing, Financial Services)

£30000 - £35000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...

Recruitment Genius: Compliance Assistant

£13000 per annum: Recruitment Genius: This Pension Specialist was established ...

Ashdown Group: Market Research Executive

£23000 - £26000 per annum + Benefits: Ashdown Group: Market Research Executive...

Day In a Page

Isis hostage crisis: The prisoner swap has only one purpose for the militants - recognition its Islamic State exists and that foreign nations acknowledge its power

Isis hostage crisis

The prisoner swap has only one purpose for the militants - recognition its Islamic State exists and that foreign nations acknowledge its power, says Robert Fisk
Missing salvage expert who found $50m of sunken treasure before disappearing, tracked down at last

The runaway buccaneers and the ship full of gold

Salvage expert Tommy Thompson found sunken treasure worth millions. Then he vanished... until now
Homeless Veterans appeal: ‘If you’re hard on the world you are hard on yourself’

Homeless Veterans appeal: ‘If you’re hard on the world you are hard on yourself’

Maverick artist Grayson Perry backs our campaign
Assisted Dying Bill: I want to be able to decide about my own death - I want to have control of my life

Assisted Dying Bill: 'I want control of my life'

This week the Assisted Dying Bill is debated in the Lords. Virginia Ironside, who has already made plans for her own self-deliverance, argues that it's time we allowed people a humane, compassionate death
Move over, kale - cabbage is the new rising star

Cabbage is king again

Sophie Morris banishes thoughts of soggy school dinners and turns over a new leaf
11 best winter skin treats

Give your moisturiser a helping hand: 11 best winter skin treats

Get an extra boost of nourishment from one of these hard-working products
Paul Scholes column: The more Jose Mourinho attempts to influence match officials, the more they are likely to ignore him

Paul Scholes column

The more Jose Mourinho attempts to influence match officials, the more they are likely to ignore him
Frank Warren column: No cigar, but pots of money: here come the Cubans

Frank Warren's Ringside

No cigar, but pots of money: here come the Cubans
Isis hostage crisis: Militant group stands strong as its numerous enemies fail to find a common plan to defeat it

Isis stands strong as its numerous enemies fail to find a common plan to defeat it

The jihadis are being squeezed militarily and economically, but there is no sign of an implosion, says Patrick Cockburn
Virtual reality thrusts viewers into the frontline of global events - and puts film-goers at the heart of the action

Virtual reality: Seeing is believing

Virtual reality thrusts viewers into the frontline of global events - and puts film-goers at the heart of the action
Homeless Veterans appeal: MP says Coalition ‘not doing enough’

Homeless Veterans appeal

MP says Coalition ‘not doing enough’ to help
Larry David, Steve Coogan and other comedians share stories of depression in new documentary

Comedians share stories of depression

The director of the new documentary, Kevin Pollak, tells Jessica Barrett how he got them to talk
Has The Archers lost the plot with it's spicy storylines?

Has The Archers lost the plot?

A growing number of listeners are voicing their discontent over the rural soap's spicy storylines; so loudly that even the BBC's director-general seems worried, says Simon Kelner
English Heritage adds 14 post-war office buildings to its protected lists

14 office buildings added to protected lists

Christopher Beanland explores the underrated appeal of these palaces of pen-pushing
Human skull discovery in Israel proves humans lived side-by-side with Neanderthals

Human skull discovery in Israel proves humans lived side-by-side with Neanderthals

Scientists unearthed the cranial fragments from Manot Cave in West Galilee