Real Estate investors Hammerson has sold the remainder of its retail parks to Canadian asset management firm Brookfield.

The £330m cash deal, involving seven locations, follows on from three other minority share sales and takes the gross value of its 2021 disposals to £403m.

The money will be used to pay down the company’s debt, which stood at £2.2bn as of December 31, 2020 and increase its liquidity, which was £1.7bn at the same date.

Hammerson’s recently-sold retail park in Falkirk

Rita-Rose Gagné, Chief Executive of Hammerson, said: “As highlighted at the full year results, our immediate priority is to strengthen the balance sheet. This latest disposal is a positive step.  Alongside this, we continue to focus on delivering operationally.

“We have successfully welcomed back our customers in England to our flagship venues, with footfall levels well above the June 2020 reopening, and look forward to reopening our other destinations as local restrictions allow over the coming months.”

The released portfolio, which was sold at an 8% discount compared to December 31st book value, comprises 205,000m² of space across the following retail parks:

  • Central Retail Park (Falkirk)
  • Cleveland Retail Park (Middlesbrough)
  • Cyfarthfa Retail Park (Merthyr Tydfil)
  • Elliott’s Field Shopping Park (Rugby)
  • Telford Forge Shopping Park (Telford)
  • Ravenhead Retail Park (St Helens)
  • The Orchard Centre (Didcot)

Earlier this year Hammerson sold its share of Brent South Shopping Park for £22m plus its minority interests in Nicetoile and Espace Saint Quentin for £73m.