Wed, 20 Jun 2012 | COMMERCIAL PROPERTY
Property developer Hammerson is to redefine its approach to commercial property and is moving away from the office market in order to specialise in retail property.
As part of this plan, the firm has sold the majority of its office portfolio to Brookfield Office Properties. Included in its assets are 99 Bishopsgate, a 50 per cent stake in 125 Old Broad Street, Leadenhall Court and the development site at Principal Place; all located in London.
The sales should bring in around £518 million for Hammerson, which it intends to invest in retail developments and acquisitions in order to accelerate a number of projects currently underway in UK retail parks.
It is also looking to invest in prime regional shopping centres and is refurbishing Queensgate in Peterborough while also looking outside the UK at its Les Terrasses du Port site in Marseille, which is due to open in the spring as a retail and leisure space.
Chief executive of Hammerson David Atkins commented: “In our strategic review announced earlier this year we identified the opportunity to enhance returns by focusing our energy and capital on the successful sectors of retail which cater to consumers' increasing desire for experience, convenience and value.”
The company is an automatic and industrial door supplier, installing a variety of systems, including but not limited to, automatic doors, fire resistant shutters, entrance barriers, roller shutters and garage doors.
Well-established company operating for over 23 years. Offers a range of driving positions, which include day runs, local runs, local shunting, nights out and tramping.
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