TH Real Estate has acquired the Thurrock Shopping Park in Essex from Hammerson plc for a figure of £93m.
The 25,500m2 park, which includes brands Dunelm and M&S, was originally purchased for £64m in 2012 as part of the Junction Fund Portfolio and has seen a further £3m of investment to upgrade the current facilities as well as expanding with three new units.
The sale price represents a net initial yield of 5.3% and is moderately below the book value as at 31 December 2015.
David Atkins commented: “I am pleased to announce a further step in our £300m disposal programme which highlights our continued focus on rotating Hammerson’s retail platform towards our higher growth assets.
“Thurrock has shown excellent returns during our ownership and this transaction provides a good opportunity to crystallise a £26m profit on cost with further upside expected from the retained development opportunity.”