Hammerson buys 40% stake in U.K. mall for £184m
Hammerson Plc has purchased a 40 percent stake from its joint venture partner in Highcross Leicester, a shopping mall in Leicester, England, for £183.87 million ($298.72 million). The seller was the Royal Mail Pension Plan. Hammerson is now the sole owner of the 1 million-square-foot shopping center. The property’s total value is £459.67 million ($746.8 million). Highcross Leicester was jointly redeveloped by Hammerson and Hermes Real Estate. The shopping center cost £350 million ($568.6 million) to build and opened in 2008. Highcross Leicester contains more than 120 shops, with a range of both large and smaller units, including branches of the department stores House of Fraser, Debenhams and John Lewis. Recently, Hammerson has leased space to new tenants including Urban Outfitters and Hugo Boss, strengthening the center’s appeal. There are also 15 restaurants and cafés, a cinema and two parking garages.