Addleshaw Goddard has advised long standing retail property client Hammerson plc ("Hammerson") on part of its disposal programme involving two key asset sales.
In June, the AG team advised on the sale of Thurrock Shopping Park, Essex, to TH Real estate for £93 million after a significant redevelopment programme by Hammerson. The company is retaining a 26 acre site at Thurrock for development, with the aim of building additional retail alongside 320 residential units.
The AG team was led by London real estate associate James Barnett, with assistance from Kyle Rainsford (Tax), Dawn Smithies (Construction), Greg Simms (Property Litigation) and Haleema Ishaq (TST).
In addition, the team is advising on the sale of Manor Walks Shopping Centre in Northumberland to Arch Commercial Enterprise Ltd for £78 million, after a 6,040m² extension of the site. Hammerson is retaining ownership of an adjacent site, Westmorland Retail Park, which has attracted some high profile retailers recently, such as Marks & Spencer Simply Food and TK Maxx.
The AG team was led by Leeds real estate associate Paul Armstrong with assistance from Pam Kaur, Haylie Argyle, Haleema Ishaq (TST), and Katie Milner and Dawn Smithies (Construction).
Hammerson client partner, Andrew Martin, commented on the deals, saying: "We have been delighted to help Hammerson, one of our key clients, with these two transactions representing significant progress in its disposal programme. It's also encouraging to see that, despite this period of uncertainty, investors remain keen to acquire strong retail property assets."