Hammerson (London), a shopping center developer, has agreed to sell its retail parks for £330 million ($458 Million) to Brookfield (Toronto), reports Evening Standard. In selling seven sites, the company confirmed that this will be its exit from the U.K.’s retail parks sector. The parks Brookfield agreed to purchase include Cleveland Retail Park, Cyfarthfa Retail Park, Telford Forge Shopping Park, Central Retail Park, Elliott’s Field Shopping Park, Ravenhead Retail Park and The Orchard Centre.
Hammerson endured challenges brought on by the COVID-19 pandemic, primarily due to tenants forced to temporarily close during country-wide, pandemic-related lockdowns. Still, the company said recent disposals will strengthen the balance sheet and reduce net debt.
Rita-Rose Gagné, Chief Executive of Hammerson, said to Evening Standard: “As highlighted at the full year results, our immediate priority is to strengthen the balance sheet. This latest disposal is a positive step.”