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Hammerson in talks for potential retail parks portfolio sale to Brookfield

Joanna Bourke
·2-min read
Rita-Rose Gagné is the chief executive of retail landlord Hammerson (Hammerson)
Rita-Rose Gagné is the chief executive of retail landlord Hammerson (Hammerson)

Landlord Hammerson has said it is in talks with Canadian investor Brookfield about a potential sale of its retail parks portfolio.

The FTSE 250 company, a joint owner of the Brent Cross mall and behind Birmingham’s Bullring centre, said that as announced in its full year results last month, “the company continues to make asset disposals in liquid markets to further strengthen the balance sheet”.

It today confirmed that it is in discussions on terms of a possible disposal of its retail parks portfolio to Brookfield.

The update comes after the Sunday Times reported that Brookfield will pay about £350 million for seven retail parks, in Falkirk, Didcot, Middlesbrough, St Helens, Telford, Merthyr Tydfil and Rugby.

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Any sale would come after a turbulent period for Hammerson, which last year suffered its largest fall in net rental income and UK asset values since the group was founded in 1942.

It was hit in 2020 as numerous businesses were forced to temporarily close sites for lockdowns. Hammerson agreed rent holidays and deferrals for some tenants.

Any sale would help the group pay down net debt of £2.2 billion and see the group exit the retail parks sector, allowing it to concentrate on trophy urban shopping centres in the UK, Ireland and France, and its land bank.

Hammerson’s chief executive Rita-Rose Gagné said in March: "Our immediate focus in 2021 is leading Hammerson through Covid-19 to safety. This means further disposals to strengthen the balance sheet, managing refinancing, and sharpening our operations to maximise income.”

Regarding the latest potential sale to Brookfield, Hammerson said: “There can be no certainty that a transaction will take place or the terms on which any transaction may occur. The company will provide a further update in due course, if appropriate.”

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