Wed, 20 Jun 2012 | COMMERCIAL PROPERTY
Property developer Hammerson is to redefine its approach to commercial property and is moving away from the office market in order to specialise in retail property.
As part of this plan, the firm has sold the majority of its office portfolio to Brookfield Office Properties. Included in its assets are 99 Bishopsgate, a 50 per cent stake in 125 Old Broad Street, Leadenhall Court and the development site at Principal Place; all located in London.
The sales should bring in around £518 million for Hammerson, which it intends to invest in retail developments and acquisitions in order to accelerate a number of projects currently underway in UK retail parks.
It is also looking to invest in prime regional shopping centres and is refurbishing Queensgate in Peterborough while also looking outside the UK at its Les Terrasses du Port site in Marseille, which is due to open in the spring as a retail and leisure space.
Chief executive of Hammerson David Atkins commented: “In our strategic review announced earlier this year we identified the opportunity to enhance returns by focusing our energy and capital on the successful sectors of retail which cater to consumers' increasing desire for experience, convenience and value.”
In a prime location, this freehold business opportunity includes a detached, well-equipped bakery factory along with a retail outlet and cafe, all part of a family business with a century of trading history.
Established in key industries like power generation and rail, this company offers specialised electrical and engineering services across the UK and Ireland, boasting strong relationships with blue-chip clients and a reliable income stream.
This well-established company has a decade-long track record in a growing market and is fully relocatable or can be operated remotely, providing flexibility for the new owner.
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