£308m of acquisitions also announced by developer

Developer Hammerson has sold the Three Spires shopping centre in Lichfield for £33m as it announces £308m of acquisitions.

It has also submitted a planning application for a huge shopping centre at Eastgate Quarter in Leeds, and for an office and residential development at Principal Place in London.

Occupancy rates were slightly down, falling from 97.3% at the end of 2010, to 96.7% at the end of March.

The developer also announced a new revolving credit facility of £500m has been agreed with banks.

Chief executive David Atkins said: “This has been an extremely active period where, in line with our strategy, we have enhanced the growth prospects of our portfolio through both acquisitions and progressing major developments.”

“We have also secured a new revolving bank credit facility, which provides flexibility going forward. Whilst the economic backdrop for consumers remains difficult, we are seeing the benefit of our focus on regionally dominant shopping centres and convenient retail parks, which continue to attract successful retailers,” he said.

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