Hammerson takes total control of Central

Hammerson, has exchanged contracts to buy the remaining share that it does not already own of Central Retail Park, in Falkirk, from its partner TIAA-CREF for £69m. It has also exchanged contracts to buy six shopping centres from St Martins Property Investments for £208m.

The 299,354 sq ft Falkirk scheme, in which it had a 25 percent stake, is anchored by a Tesco superstore and has 98 percent occupancy. The centre includes Argos, Boots, Cineworld, Homebase, Mothercare and Next among the diverse range of tenants. The development is at the edge of the town centre and has 1,350 parking spaces. Passing rents at the end of last year were £5.8m.

The assets bought from St Martins were Centrale, Croydon, Monument Mall, Newcastle, Elliott’s Field, Rugby, Three Spires, Lichfield, Cathedral Lanes, Coventry and Wickes, Folkestone.