Mall trio purchased by Hammerson in £208m deal
Three West Midlands shopping centres have been acquired by property giant Hammerson. Cathedral Lanes in Coventry; Elliot’s Field, based in Rugby; and Lichfield’s Three Spires have been bought as part of a £208m deal.
Hammerson has exchanged contracts to acquire a portfolio of six assets from St Martins Property Investments, including the trio of West Midlands properties. Hammerson said its initial commitment to the projects, including transaction costs, totals £221m.
Elliott's Field Retail Park was purchased for £40m. It comprises ten units in four terraces, a standalone restaurant and car wash.
Three Spires and Cathedral Lanes were purchased alongside a Folkestone-based property for about £42m.
David Atkins, chief executive of Hammerson, said: “This transaction is a rare opportunity to secure a group of good properties in strong trading locations with significant asset management potential.”
Other properties purchased are based in Folkestone, Croydon and Newcastle.
Completion of the acquisition of all assets is expected by the end of March, with the exception of Three Spires, which is expected to complete later this year.
