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Hammerson completes retail parks exit at 8% discount

UK retail REIT Hammerson confirmed that contracts have been exchanged on the disposal of its retail parks portfolio to Brookfield for £330 million (c€380 million), concluding the firm’s exit from the UK retail parks sector.

Hammerson said the figure represents an 8% discount on the end-2020 value of the seven assets, put at £357 million.

The latest disposal increased gross proceeds from sales in 2021 to £403 million, the firm said. Its debt stood at £2.2 billion at the end of 2020.

Other recent disposals include its share of Brent South Shopping Park and minority interests in Nicetoile and Espace Saint Quentin which realised £22 million and £73 million respectively.

“Our immediate priority is to strengthen the balance sheet,” said chief executive Rita-Rose Gagné. “Alongside this we focus on delivering operationally.” She added that having welcomed back customers in England to flagship venues, footfall levels are well above those when centres reopened last June.