23rd Apr 2020 14:29
(Alliance News) - Hammerson PLC said Thursday that Orion Real Estate Fund V has notified the property developer that it will not complete the acquisition of seven retail parks under the agreement first signed in February.
In February, Hammerson agreed to sell the portfolio of seven UK retail parks - including the Forge Shopping Park in Telford and Cleveland Retail Park in Middlesbrough - for GBP400 million, as part of its strategy to exit the retail parks sector.
Under the terms of the agreement, Hammerson and Orion were required to complete the deal by Thursday.
Hammerson said it will notify Orion that it has no later than May 6 to complete the transaction; otherwise Hammerson will look to terminate the agreement, which will make the GBP21 million deposit held in escrow immediately due and payable to Hammerson.
Shares in Hammerson were down 5.0% at 57.88 pence on Thursday in London, while its Johannesburg shares were 3.6% lower at ZAR13.74.
By Dayo Laniyan; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Hammerson