Hammerson in talks for potential retail parks portfolio sale to Brookfield


andlord Hammerson has explained it is in talks with Canadian investor Brookfield about a probable sale of its retail parks portfolio.

The FTSE 250 business,  a joint operator of the Brent Cross shopping mall and driving Birmingham’s Bullring centre, said that as declared in its whole year final results very last month, “the corporation continues to make asset disposals in liquid marketplaces to even more reinforce the stability sheet”.

It these days confirmed that it is in discussions on conditions of a possible disposal of its retail parks portfolio to Brookfield.

The update comes after the Sunday Instances reported that Brookfield will pay back about £350 million for seven retail parks, in Falkirk, Didcot, Middlesbrough, St Helens, Telford, Merthyr Tydfil and Rugby.

Any sale would come just after a turbulent period of time for Hammerson, which last year suffered its premier tumble in net rental earnings and Uk asset values due to the fact the team was launched in 1942.

It was hit in 2020 as numerous firms ended up pressured to temporarily close web sites for lockdowns. Hammerson agreed lease holidays and deferrals for some tenants.

Hammerson’s main executive Rita-Rose Gagné is wanting to decrease internet debt, which stood at £2.2 billion as at the close of 2020.

Gagné said in March: “Our fast concentration in 2021 is top Hammerson by Covid-19 to security. This indicates more disposals to strengthen the stability sheet, handling refinancing, and sharpening our operations to maximise revenue.”

Regarding the latest likely sale to Brookfield, Hammerson said: “There can be no certainty that a transaction will acquire place or the terms on which any transaction might take place. The firm will give a further more update in due study course, if correct.”