Hammerson confirms retail parks sale
Hammerson has confirmed the sale of its retail park portfolio to Canadian investor Brookfield, for £330m.
The deal includes retail parks in Falkirk, Didcot, Middlesbrough, St Helens, Telford, Merthyr Tydfil and Rugby.
Earlier this year Hammerson also disposed of its shares in Brent South Shopping Park and its minority interests in Nicetoile and Espace Saint Quentin for £73m, in line with 31 December 2020 valuations. These transactions, when combined with the sale of the remainder of its retail parks portfolio to Brookfield, take the total gross proceeds of Hammerson’s disposals in 2021 to £403m, at an average discount to 31 December 2020 valuations of 6%.
Hammerson sells seven UK retail asset parks to Brookfield £330m
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Investegate | Company News | Corporate, London Stock Exchange, Regulatory News Headlines Hammerson disposes of retail parks portfolio
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Investegate |Hammerson PLC Announcements | Hammerson PLC: Disposal
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12 March 2021 | 14:18pm
StockMarketWire.com - Shopping centre owner Hammerson wrote down the value of its property portfolio to £6.3 billion in 2020 as the company posted the largest decline in net rental income in its history and disposed of some assets.
The company reported net rental income of £158 million in 2020, down 41% on a like-for-like basis excluding premium outlets, largely impacted by Covid-19 closures, tenant restructuring and higher provisions for bad debt and tenant incentives.
Its portfolio value fell from £8.3 billion in 2019 to £6.3 billion in 2020, while group capital return was negative 20.9%.
The group reported net proceeds from disposals totalling £328 million and said it will continue to target disposals .