Property landlord Hammerson (HMSO) has sold Thurrock Shopping Park in Essex for £93m, realising a profit of £26m over the original purchase price. The sale is part of an ongoing project to recycle £300m of retail assets into higher-growth assets, and the sale price represents a net initial yield of 5.3 per cent, although the price was moderately below the December 2015 book value, reflecting recent downward pressure on asset values caused by uncertainty ahead of the EU referendum.
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Hammerson is hanging on to a 26-acre site at Thurrock which is being retained for development with planning consent for 320 residential units and 7,600 sq m of retail and leisure facilities.
