Hammerson sells nine retail parks for ?455m

(Sharecast News) - Property developer Hammerson said it had sold a portfolio of seven retail parks and two others individually for a total of ?455m.
The portfolio deal is the largest sale in the past decade, Hammerson said on Friday and follows the company's decision in 2018, to exit the sector.

The seven retail parks were sold to Orion European Real Estate Fund for ?400m while two others in Belfast and Swansea were disposed of for ?55m.

Hammerson said the sales represented a net initial yield of 8.7%, with a discount to a June 2019 book value of 22.2%.

In total, Hammerson has sold 14 retail parks since July 2018, generating ?764m to reduce debt and further strengthen the balance sheet. The group has an interest in one remaining retail park, Brent South, part of the Brent Cross estate in London, which is held in a joint venture with Aberdeen Standard Investments and is marked for sale.