Advertisement: EBCam mid banner
Advertisement: Mogrify
Advertisement: Simpsons Creative
ARM Innovation Hub
Advertisement: Wild Knight Vodka
Advertisement: TTP
Mid banner advertisement: BDO
RealVNC mid-banner general
Barr Ellison Solicitors – commercial property
Advertisement: EY Mid banner
Advertisement: RSM
Advertisement: Cambridge Network
RealVNC mid banner careers
25 August, 2006 - 15:05 By Staff Reporter

Eversheds advises on shopping centre sale

International law firm Eversheds has advised the top property developer Hammerson on its sale of the Liberty Shopping Centre in Romford, plus adjacent office buildings, to Cosgrave Property Group for £281 million.International law firm Eversheds has advised the top property developer Hammerson on its sale of the Liberty Shopping Centre in Romford, plus adjacent office buildings, to Cosgrave Property Group for £281 million.

The scheme, one of the most noteworthy retail developments in Essex, had a book value of £229m at December 31 and is projected to generate a net rental income of approximately £10m in 2006.

Hammerson developed the original Liberty Shopping Centre in 1968 in a joint venture with Standard Life Investments.

In 1999, Hammerson acquired Standard Life s 50 per cent interest in the scheme and the freehold for approximately £53m.

It subsequently invested a further £52m in refurbishing the scheme, which was completed in 2003 and on which Eversheds also advised. The shopping centre now provides 41,000 sq m of retail accommodation, anchored by Marks & Spencer and Debenhams.

Add new comment

Newsletter Subscription

Stay informed of the latest news and features