Hammerson sells Gloucester retail park for £54m

Hammerson said it had sold the St Oswald's Retail Park in Gloucester, to a local authority for £54m.

The sale price reflected a net initial yield of 8.5%, and was 8% below book value at June 30, the company said on Tuesday. Hammerson has now raised £577m from disposals in 2019, exceeding its minimum target of £500m for the financial year.

Chief executive David Atkins said: "Despite a challenging investment market, we are successfully executing disposals in line with our priority to reduce debt and strengthen our balance sheet.”