Manor Walks Shopping centre sold in £78 million deal

By

Barbara Santamaria

Published
Jul 19, 2016

Hammerson has announced the sale of its Manor Walks shopping centre in Cramlington, Northumberland, to Arch Commercial Enterprise.

The shopping centre, worth £78 million, attracts more than 10 million visitors a year thanks to its mix of retailers, which include Next, New Look, Boots and Prezzo. In 2013 it launched a 6,040 sq mt extension to deliver a new Vue multiplex cinema and an enhanced tenant mix.

Manor Walks adjoins Westmorland Retail Park, which will continue to be owned by Hammerson, said the company on Tuesday.

According to media reports, Manor Walks is set to grow under new owner Arch, which has unveiled plans to expand the shopping centre and improve the surrounding infrastructure to boost the local economy.

The sale price for Manor Walks represents a net initial yield of 7%, and is moderately below book value as at 31 December 2015.