Hammerson Plc, the U.K.’s third-largest real estate investment trust, spent 277 million pounds ($453 million) buying seven shopping centers and retail parks that it plans to rejuvenate.
Hammerson bought six assets, including three malls, across England from Kuwait-owned St. Martins Property Investments Ltd. for 208 million pounds, the London-based company said in a statement today. It also bought the 75 percent of the Central Retail Park in Falkirk, central Scotland, the company didn’t own from its partner TIAA-CREF for 69 million pounds, according to a separate statement.
“We have a clear strategy of selling mature assets to recycle capital into properties where we can use our skills to generate superior returns,” Chief Executive Officer David Atkins said in the statement on the St. Martins purchase.
Hammerson raised 555 million pounds in 2010 selling properties. It spent more than 200 million pounds last year acquiring offices and retail properties, including a similar transaction with TIAA-CREF, the largest provider of retirement plans for U.S. academic, medical and research institutions.