Which growth deals are on Hammerson’s radar?
The group to exchange contracts for the sale of Westwood and Westwood Gateway Retail Parks to clients of BMO
Hammerson, which is the largest property stock on the JSE, is considered by analysts one of the most undervalued stocks with significant upside potential, is recycling capital. The European shopping centre group announced on Friday that it had exchanged contracts for the sale of Westwood and Westwood Gateway Retail Parks, Thanet, to clients of BMO Real Estate Partners for £80m, having transformed the retail offer since acquisition and significantly increased rents. The group said it was looking to invest in growth opportunities, having bought the Westwood park in 2002. The retail park covers 24,900m² in Kent in the southeast of England Hammerson acquired Westwood Retail Park in 2002 and repositioned the asset through extensions and tenant engineering. The adjacent Westwood Gateway site was built in 2005 and additions were made in 2009 and 2016. Since acquisition, more than 15,000m² of new floor space has been added and the rental income earned has increased more than 200%. The £80m ...
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