Hammerson sells Westmorland Retail Park for £36m

Hammerson has exchanged contracts for the disposal of Westmorland Retail Park in Northumberland to Arch Commercial Enterprise for £36m.

The sale price represents a net initial yield of 5.8% and is slightly below book value as at 30 June 2016.

Arch also acquired the adjacent Manor Walks Shopping Centre from Hammerson back in July.

Hammerson acquired the asset in 2006 and has refurbished and extended the scheme to create a "refreshed" retail terrace, attracting high-street brands such as Currys PC World, TK Maxx, Costa and M&S Food.

Additional recent smaller transactions take the total proceeds received to £43m.

Chief executive officer David Atkins said: "It is encouraging to see continued interest in well-positioned retail park assets at supportive pricing levels. Arch is a natural owner of the asset having already invested in the adjacent shopping centre, and our strategy of introducing high street brands to this asset has created a strong offering for the local catchment."