Arch Commercial Enterprise Ltd has agreed to purchase Westmorland Retail Park in Cramlington, having already acquired an adjacent shopping centre from Hammerson in July.
David Atkins, CEO of Hammerson, said: "It is encouraging to see continued interest in well-positioned retail park assets at supportive pricing levels.
“Arch is a natural owner of the asset having already invested in the adjacent shopping centre, and our strategy of introducing high street brands to this asset has created a strong offering for the local catchment."
Hammerson initially acquired the Westmorland park in 2006, refurbishing and extending the scheme to attract high street brands including Currys PC World, Costa and M&S Food.
The sale price represents a net yield of 5.8% and is moderately below book value as at 30th June 2016.
A number of additional transactions brings the total proceeds received by Hammerson to £43m.
Hammerson’s retail portfolio includes investments in 21 prime shopping centres across the UK and France, as well as 19 retail parks in the UK.
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