12th Apr 2021 08:58
(Alliance News) - Hammerson PLC on Monday confirmed that it was in talks over the potential sale of its UK retail parks portfolio to Canadian property and private equity firm Brookfield Asset Management Inc.
The Sunday Times had reported that the London-based retail property investor had agreed to sell the portfolio to Toronto, Ontario-based Brookfield for GBP350 million, in order to pay down debt.
The seven retail parks in England, Scotland and Wales are in Falkirk, Didcot, Middlesbrough, St Helens, Telford, Merthyr Tydfil and Rugby, the newspaper said.
Hammerson said it was continuing to make disposals in liquid markets to strengthen its balance sheet, but stressed that there could be no certainty that a transaction would take place or what the terms may be.
Last month, Hammerson revealed its pretax loss had more than doubled to GBP1.73 billion in 2020 from GBP779.3 million in 2019. Net debt totalled GBP2.23 billion on December 31.
Shares in Hammerson were down 2.4% at 36.47 pence on Monday in London, while its Johannesburg shares were 3.4% lower at ZAR7.31.
By Dayo Laniyan; [email protected]
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