Hammerson exits the Uk retail parks sector with £330 million sale

H

ammerson, the browsing centres firm that has been hit challenging by the pandemic, has agreed a £330 million sale of its retail parks portfolio.

The retail landlord said the sale of seven web pages to investor Brookfield concludes Hammerson’s exit from the Uk retail parks sector.

FTSE 250 firm Hammerson, a joint proprietor of the Brent Cross shopping mall and at the rear of Birmingham’s Bullring centre, very last week verified that it was in conversations about the likely disposal.

Hammerson saw rental profits strike in 2020 as quite a few tenants ended up forced to briefly close web sites for lockdowns.

The company these days said the proceeds of recent disposals will additional strengthen the harmony sheet, cutting down net financial debt, which was £2.2 billion at 31 December 2020, and growing liquidity, which stood at £1.7bn at the same date.

Rita-Rose Gagné, main executive of Hammerson, stated: “As highlighted at the total calendar year effects, our immediate precedence is to fortify the stability sheet. This most recent disposal is a optimistic move.”

Gagné additional: “We have correctly welcomed back again our shoppers in England to our flagship venues, with footfall stages nicely previously mentioned the June 2020 reopening, and search ahead to reopening our other destinations as community restrictions allow for about the coming months.”

The retail parks Brookfield has agreed to buy, are:

· Central Retail Park (Falkirk)

· Cleveland Retail Park (Middlesbrough)

· Cyfarthfa Retail Park (Merthyr Tydfil)

· Elliott’s Industry Purchasing Park (Rugby)

· Telford Forge Procuring Park (Telford)

· Ravenhead Retail Park (St Helens)

· The Orchard Centre (Didcot)

Completion of the transaction is expected by the finish of May well.

Hammerson claimed the sale of its retail park belongings to Brookfield for £330 million money proceeds, represents an 8% discounted to the 31 December 2020 book price of £357 million.