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Hammerson sells Liberty centre
Thu, 02 Sep, 2010
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Hammerson sells Liberty centre
Mon, 21 Aug 2006, 07:03:00
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Property developer <b>Hammerson</b> has disposed of a further chunk of its portfolio with the sale of its Liberty shopping centre in Romford.<br /><br />The group exchanged contracts for the sale of the freehold interest in its Romford-based Liberty Shopping Centre and the adjacent office buildings, to Cosgrave Property Group for £281m.<br /><br />The centre was originally developed in 1968 as part of a joint venture with Standard Life Investments. In 1999, Hammerson snapped up Standard Life's 50% interest in the scheme for about £53m.<br /><br />Chief executive John Richards said, "Hammerson has added significant value to the Liberty Shopping Centre in recent years. The centre trades strongly and dominates its catchment. This was reflected in the good interest shown by potential investors."<br /><br />"This disposal is in line with Hammerson's policy of recycling capital. It follows Hammerson's recent UK acquisition for £425 million of a portfolio five retail parks, all with open A1 planning consents," said Richards.<br />
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