Hammerson disposes of retail parks portfolio
Hammerson, the owner of the Westquay and Bullring shopping centres, has exchanged contracts on the sale of seven retail parks to Orion European Real Estate Fund for £400 million.
The move follows the company’s decision in 2018 to exit the retail parks sector.
David Atkins, Hammerson’s chief executive, said: “Having achieved disposals of close to £1 billion since the beginning of 2019, our focus remains on strengthening our balance sheet to create further resilience. The completion of this strategic disposal enables us to create a more concentrated portfolio of flagship venues, premium outlets and City Quarters which we expect will deliver greater levels of both income stability and growth over the medium term.”
In a separate transaction, the company’s Parc Tawe site in Swansea and Abbey Retail Park in Belfast have also been sold.
Hammerson has disposed of 14 retail parks since July 2018. With the sales generating proceeds of £764 million, the funds have been used to reduce Hammerson’s debt and strengthen its balance sheet.
The company has one remaining interest in a retail park. The site at Brent Cross is held in a joint venture with Aberdeen Standard Investments and is up for sale.
The seven retail parks included in this latest transaction are Central Retail Park in Falkirk, Cleveland Retail Park in Middlesbrough, Cyfarthfa Retail Park in Merthyr Tydfil, Elliott’s Field Shopping Park in Rugby, Forge Shopping Park in Telford, Ravenhead Retail Park in St Helens, and The Orchard Centre in Didcot.
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