Exit after sale of Fife park

Major shopping destinations group Hammerson confirmed plans to pull out of the retail park sector yesterday a day after selling off a major Fife site.

The group agreed the £164 million sale of Fife Central Retail Park at Kirkcaldy and a second site in Bristol to Capreon on Monday.

The Fife site runs to more than 30,000 square metres and sitting tenants include B&Q, Sainsbury’s, M&S Simply Food and Next.

The sale – which is expected to complete in October – is broadly in line with the valuation of the parks in June.

The retail park – which Hammerson has owned since 2005 – is expected to continue to operate as normal under Capreon, a partner-owned retail investment, management and advisory firm.

Hammerson yesterday used a half year update to confirm its intention to exit the retail parks sector altogether in the medium term.

It has raised £300m so far through disposals and had a £1.1 billion sell-off target by the end of 2019.

Hammerson CEO David Atkins said: “Our reshaped strategy sees us taking decisive action to further reposition our portfolio.

“Through increasing the level of disposals, including exiting the retail parks sector, we will now focus solely on winning destinations of the highest quality.”

The sale of Fife Central Retail Park to Capreon is expected to complete in October.