Hammerson has sold the Ravensbourne Retail Park at Catford, southeast London, to Standard Life Investments for£30.9 million.
The property was acquired by Hammerson through its purchase of Grantchester Holdings in September 2002, which marked the company's emergence as a major player in the out-of-town retail market.
Tenants at the 72,120 sq ft (6,700 sq m) freehold property are PC World, Currys, Comet, Harvey's and Carpetright, paying an aggregate rent of£1.5 million a year. Hammerson was represented by Wilkinson Williams.
Hammerson chief executive John Richards said: 'In building our retail parks business, our strategy is to focus on those assets where we can add value through development or active asset management. We are recycling the proceeds from this disposal into a number of projects.'