Hammerson disposes of retail parks portfolio
Hammerson has exchanged unconditional contracts on the sale of a portfolio of seven retail parks to Orion European Real Estate Fund V for a headline price of £400 million (€477 million/$518 million) with expected net proceeds of £395 million (€472 million/$512 million).
This transaction is the largest U.K. retail parks portfolio sale in the past decade. The sale follows Hammerson’s strategic decision, announced in July 2018, to exit the retail parks sector over the medium term to create a focused portfolio of flagship assets, premium outlets and City Quarters across major European cities.
Separately, Parc Tawe, Swansea and Abbey Retail Park, Belfast have been sold individually generating proceeds totaling £55 million (€66 million/$71 million). Combined with today’s portfolio sale of seven retail parks, this final tranche of disposals totals £455 million (€543 million/$590 million).