Property firm Hammerson and Aviva investors have sold Queensgate Shopping Centre in Peterborough to Invesco Real Estate for £202m.
The sale of the 896,633 sq ft centre, which has more than 110 stores and restaurants, is expected to be completed in early 2014.
The price is marginally below Hammerson’s book value as of June 2013 and the firm will now recycle the capital into “higher return opportunities in both the UK and France.”
David Atkins, Chief Executive of Hammerson, said: “This disposal brings further liquidity into the business. 2014 will see major progress on our development projects and these additional funds will help us grow the business through our substantial development and refurbishment programme and selected acquisitions.”
Hammerson were advised by CBRE