Hammerson sells Scottish shopping mall for £67m

Hammerson has agreed to sell a shopping mall in Paisley, Scotland, to Ashby Capital for £67 million ($82 million).

The sale price was 3 percent below book value as of June 30, according to Hammerson.

Located five miles west of Glasgow, Abbotsinch Retail Park has 24,600 square meters (264,792 square feet) of floor space and is and is fully leased to several major brands, including an anchor B&Q, Dunelm, Tapi and Natuzzi.

In 2012, Hammerson paid £42 million ($51 million) for the site and has added an additional 8,700 square meters (93,646 square feet) of retail floor space since then through phased developments, at a cost of £17 million ($20 million).

The expansion brought eight new brands onto the scheme, increasing the tenant line up from six to 14. Hammerson said this cemented Abbotsinch’s position as the leading furniture and homeware retail park in Scotland.

The deal follows Hammerson’s sale of its majority stake in its Italie Deux fl