Hammerson snaps up £218m stake in Manchester Arndale

Hammerson has acquired a 50 per cent stake in Manchester Arndale for £218m as the shopping centre owner expands its portfolio with its first major external acquisition in more than a decade.
The deal, which completed on 29 July, values the entire shopping centre at around £436m and represents a topped-up net initial yield of 7.8 per cent.
Hammerson said the acquisition would increase its scale and extend its geographic footprint into one of the UK’s largest retail markets.
Manc