Hammerson has sold all seven of its UK retail parks to Canadian private equity firm Brookfield for £330m. The company says the sum achieved is 8 per cent below a December valuation of its portfolio.
It added that cash from the sale would “further strengthen” its balance sheet and reduce its net debt, which was £2.2bn at December 31, 2020, and increase liquidity, which stood at £1.7bn at the same date.
Rita-Rose Gagné, chief executive of Hammerson, said: “As highlighted at the full year results, our immediate priority is to strengthen the balance sheet. This latest disposal is a positive step. Alongside this, we continue to focus on delivering operationally. We have successfully welcomed back our customers in England to our flagship venues, with footfall levels well above the June 2020 reopening, and look forward to reopening our other destinations as local restrictions allow over the coming months.”
The group, which also owns a number of UK shopping centres such as the Birmingham Bullring and Bristol’s Cabot Circus, revealed on Tuesday it had collected less than half the rent it was due in the second quarter despite retail restrictions easing.
Hammerson also disposed of Brent South Shopping Park recently, as well as its minority interests in Nicetoile and Espace Saint Quentin for £73m.
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