Institutional landlord Hammerson has confirmed the sale of its remaining portfolio of retail parks at a “wider than expected” discount, as it looks to shore up its balance sheet.
The landlord confirmed this morning it had sold its nine remaining retail parks across the UK – with seven being purchased by Orion’s European real estate fund for £395m, with a further two parks in Swansea and Belfast being sold separately for a combined £55m.
The deals combined will generate proceeds of £455m and brings Hammerson’s total disposals since the beginning of last year to £975m.
Hammerson said the parks were sold at a 22.2% discount from the June 2019 book value, which the landlord said was “wider than we had expected” – having forecast sale proceeds of £490m last year.
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