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Newcastle shopping centre sold for £75m

Property firm Hammerson has sold Newcastle shopping centre Monument Mall to Standard Life Investments’ UK property fund for £75m.

The shopping centre was acquired by Hammerson in 2011 for £28m. In 2013 the site was redeveloped and attracted new retailers including Hugo Boss, Michael Kors and Reiss.

Hammerson will use the cash raised to fund the acquisition of the so-called Project Jewel portfolio of loans in Dublin, which includes Ireland’s biggest shopping centre, Dundrum.

David Atkins, chief executive of Hammerson, said: “We are on track with further transactions to complete the first tranche of £200m of disposals in Q1 2016.”

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