Essex’ Thurrock Shopping Park sold in £93m deal

By

Barbara Santamaria

Published
Jun 20, 2016

Hammerson has agreed to sell Thurrock Shopping Park to TH Real Estate for £93 million, it revealed on Monday.

The property comprises two retail schemes totalling 25,500 sq mts of space, and is situated next to junction 31 of the M25. It is part of one of the largest shopping areas in Europe.

Among others, tenants include M&S, Gap, TK Maxx, Pets at Home, Decathlon, Boots, Evans Cycles and home furnishings retailer Dunelm.

Hammerson, a retail destinations owner, manager and developer, acquired the property in 2012 for £64 million as part of the Junction Fund Portfolio. Since then, £3 million have been invested to redevelop the cinema site into new retail units and upgrade the tenant lineup to a more fashion-led mix.

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."