Hammerson PLC on Monday announced the sale of Union Square shopping centre in Aberdeen, Scotland for £111 million in cash.
The London-based property development and investment company expects the transaction to complete during the first quarter of 2024. It will mark the conclusion of its £500 million programme of disposals of non-core assets, it said.
The price represents an 8% discount to the book value of Union Square at the end of December, and a net initial yield of 11%.
Union Square was sold to an affiliate of Lone Star Real Estate Fund VI, L.P.
Hammerson said: ‘The proceeds of this disposal will further strengthen the balance sheet by reducing net debt and provide additional capacity for reinvestment into the core portfolio.’
Shares in Hammerson were up 1.4% at 26.05 pence each in London on Monday morning.
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