UK shopping centre owner Hammerson is reportedly in talks to sell its 40% stake in Value Retail.
Hammerson is said to be talking to a “number of investors” about buying its interest in Value Retail, which owns Bicester Village and other sites in countries including China, Spain, Germany and Italy.
Rival property industry executives said they understood that Hammerson could offload its stake before the end of the year, according to Sky News.
In a statement, Hammerson said: “Value Retail is an attractive portfolio but, as we’ve previously stated, it’s not part of our core proposition to have an investment in a platform.
“We are not forced sellers and will look to maximise our options at the right time.”
Hammerson’s stake is reportedly valued at around £1.2bn, but it may conclude a sale at discount.
The sale would mark the continued reshaping of Hammerson under its chief executive Rita-Rose Gagne, who recently announced the return of dividend payments and further non-core asset sales.
Value Retail, which was founded by real estate entrepreneur Scott Malkin, saw brand sales rise 14% year-on-year as footfall rose 13%, following the refinancing of over £1bn debt facilities.
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