// Hammerson to sell 7 retail parks to Canadian private equity firm Brookfield
// Hammerson wrote down the value of its portfolio by almost a quarter to £6.3bn last year
// The property firm is battling to avoid the same fate as its collapsed rival Intu
Hammerson has signed a deal to sell its retail parks to Canadian private equity firm Brookfield as it attempts to revive its fortunes.
Brookfield is set to pay around £350 million for seven of Hammerson’s retail parks, raising funds for the struggling property giant.
Hammerson wrote down the value of its portfolio by almost a quarter to £6.3 billion last year due to the Covid-19 pandemic leading to lockdowns.
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- Hammerson reveals boardroom changes
- Hammerson profits nosedive 83% after worst year on record for rents
Hammerson chief executive Rita-Rose Gagne is seeking to clear some of the company’s £2.2 billion debts.
In the first quarter, Hammerson collected 64 per cent of the rent due at retail parks compared with 36 per cent at UK shopping centres.
The portfolio comprises retail parks in Falkirk, Didcot, Middlesbrough, St Helens, Telford, Merthyr Tydfil and Rugby.
Hammerson has been battling to avoid the same fate as its rival Intu, which collapsed in June.
It has raised £552 million through an emergency rights issue, priced at a 95 per cent discount, and a further £274 million through the sale of its stake in European business VIA Outlets.
Hammerson has brought in restructuring experts from EY.
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