Dec 22, 2015
Hammerson sells Newcastle mall
Dec 22, 2015
British property developer Hammerson has sold the Monument Mall in Newcastle, UK, to The Standard Life Investments UK Property Fund.
Hammerson acquired Monument Mall in 2011 for £28m and now sold it for £75m. It is located in the heart of Newcastle, and in 2013 Hammerson completed a reconfiguration of the centre. The redevelopment created eight new large MSUs, transforming Monument Mall into a high-quality shopping and dining destination.
Monument Mall is fully let and has 15 units covering 138,000 sqft. Brands include Michael Kors, The White Company, Hugo Boss, Reiss, Jack Wills, Kiehl's and Rox. Hammerson made a £24m profit on cost through the sale.
The company also sold a small land interest in Kingston-upon-Thames to St George for £12m.
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