Hammerson has sold its 40 percent interest in Value Retail, which operates and controls nine upmarket outlet shopping centers in Europe in the transaction, for £1.5 billion (€1.78 billion/$1.94 billion).
The buyer is L Catterton, the private equity firm backed by French luxury fashion house LVMH Moet Hennessy Louis Vuitton.
Hammerson said it would use the cash generated to reduce its debt and reinvest into assets in its core markets.
Rita-Rose Gagné, the chief executive of Hammerson, said, “This is a transformational deal for Hammerson, generating cash proceeds of £600 million [€712 million/$775 million] whilst removing an overweight, low-yielding and minority stake and positioning us for accelerated growth and value creation.”
