(Alliance News) - Hammerson PLC said Wednesday it will terminate its agreement with Orion Real Estate Fund V for the disposal of seven retail parks that was first signed in February.
In February, the London and Johannesburg-listed shopping centre owner agreed to sell the portfolio of seven UK retail parks - including the Forge Shopping Park in Telford and Cleveland Retail Park in Middlesbrough - for GBP400 million, as part of its strategy to exit the retail parks sector.
However, Orion on Wednesday said it would not complete the agreement. As a result, Hammerson will now terminate the agreement and access the GBP21 million deposit made by Orion, which has been held in escrow by its solicitors.
Shares in Hammerson were down 2.8% at 58.11 pence in London on Wednesday, while its Johannesburg shares were 3.8% lower.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Hammerson (HMSO)