THE sale of Newcastle's Monument Mall has been completed for £28m to national real estate company Hammerson as part of a £208m deal.
This is the London-based plc’s first foray into the Newcastle city centre property market.
Hammerson has acquired six assets from St Martins Property Investments Limited, including the prime Newcastle city centre plot which fronts Northumberland Street and Blackett Street.
The portfolio also includes Centrale shopping centre in Croydon, Elliott's Field retail park in Rugby, Three Spires shopping mall in Lichfield, Cathedral Lanes shopping complex in Coventry and Wickes retail warehouse unit in Coventry.
Hammerson says it will develop the Newcastle asset, which covers almost 100,000sq ft, and is planning “a comprehensive reconfiguration”.
Hammerson has two retail property interests in the region, Manor Walks retail park in Cramlington and the Cleveland Retail Park in Middlesbrough.