Hammerson has exchanged unconditional contracts on the portfolio sale of its seven retail park assets to Brookfield for £330M cash proceeds.
As previously announced, Hammerson has also recently disposed of Brent South Shopping Park (£22M at Hammerson share) and its minority interests in Nicetoile and Escape Saint Quentin for £73M, both in line with 31 December 2020 valuations. This latest transaction takes the total gross proceeds of Hammerson’s disposals in 2021 to £403M.
The proceeds of these disposals will further strengthen the balance sheet, reducing net debt, which was £2.2bn at 31 December 2021, and increasing liquidity, which stood at £1.7bn at the same date.
Rita-Rose Gagné, Chief Executive of Hammerson, commented: “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.”
This transaction concludes Hammerson’s exit from the UK retail parks sector.