Three Spires sold in £33m deal
The Three Spires shopping centre in Lichfield has been sold for £33m. Developer Hammerson – which bought the site only last month – has struck a deal with a client of Orchard Street Investment Management. Hammerson, manager of Bimringham's Bullring, has also secured a £505m five-year revolving credit facility, it said this morning.
The Three Spires site was bought from St Martins Property Investments in March this year as part of a £208m deal.
Hammerson said Orchard Street would now complete the transaction directly from St Martins.
The on-sale price for the Three Spires is £33m, equivalent to the consideration agreed by Hammerson on the purchase of the St Martins retail property portfolio.
Following the purchase, Hammerson's purchase cost of the St Martins retail portfolio has now been reduced to £188m. Other properties included in the portfolio were: Cathedral Lanes in Coventry; Elliot’s Field, based in Rugby; and three other properties in Folkestone, Croydon and Newcastle.
Along with the property sale, Hammerson also revealed it had secured a £505m five-year revolving credit facility. The business said it was increased from £400m following an over-subscription and will replace existing undrawn facilities of £670m due to expire by 2013.
BNP Paribas acted as coordinator for the facility, alongside 11 other financial institutions.
