Hammerson is in talks to sell its stake in Bicester Village-owner Value Retail for about £1bn.

The shopping centre owner is said to be in discussions with several investors about buying its almost 40% holding in Value Retail, Sky News reported.

Property industry executives said a deal could be made before the end of the year.

Value Retail owns dozens of designer outlet complexes, including ones in Shanghai and Suzhou in China, as well as in Barcelona, Frankfurt, Madrid and Milan.

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Hammerson told the publication in a statement: “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.”

It is estimated that the property giant’s stake is worth about £1.2bn, however, it may choose to sale at a discount.

If the sale goes ahead, it would be the latest move under chief executive Rita-Rose Gagne who is actively reshaping the business.

The property giant sold its 50% stake of the Croydon shopping centre redevelopment to Westfield owner Unibail-Rodamco-Westfield at the end of April earlier this year.

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