// Hammerson to sell 7 retail parks, after separately disposing of 2 other locations
// The company has been cutting debt and fixing its balance sheet
Hammerson has said it will sell seven retail parks to private equity Orion for £400 million as it faces a tough trading environment in the UK.
The sale includes retail parks such as the Forge Shopping Park in Telford and Cleveland Retail Park in Middlesbrough.
The shopping centre operator has been cutting debt and fixing its balance sheet by focusing on its flagship sites.
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“Against a challenged retail and investment backdrop we have exited the retail parks sector,” Hammerson chief executive David Atkins said.
“Having achieved disposals of close to £1 billion since the beginning of 2019, our focus remains on strengthening our balance sheet to create further resilience.
“The completion of this strategic disposal enables us to create a more concentrated portfolio of flagship venues, premium outlets and City Quarters which we expect will deliver greater levels of both income stability and growth over the medium term.”
Since July 2018, Hammerson has sold 14 retail parks, generating £764 million to reduce debt and strengthen its balance sheet.
Separately, Hammerson said it sold Parc Tawe in Swansea and Abbey Retail Park in Belfast individually, generating proceeds of £55 million.
Earlier this week, Hammerson appointed Simon Betty to lead its City Quarters strategy.
In his newly-created role of City Quarters and developments managing director, Betty will be responsible for implementing and driving the shopping centre landlord’s City Quarters strategy.
The City Quarters scheme will effectively see Hammerson transform many of its shopping destinations beyond pure retail into neighbourhoods providing homes, workspace, hotel space and accessible public realms by leveraging over 100 acres of its existing land bank.
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