Hammerson did not immediately respond to a Reuters request to confirm the deal value.

Hammerson on Monday confirmed that it was in talks for a possible sale of its retail parks portfolio to Canadian private equity player Brookfield Asset Management, as the shopping centre operator tries to shore up its finances.

Last month, Hammerson reported a loss of 1.7 billion pounds ($2.33 billion) for 2020 and issued a longer-term debt warning, as the coronavirus crisis knocked the value of its malls.

Retail parks have been relatively resilient during the COVID-19 pandemic, partly because essential retailers were allowed to operate during lockdowns from these parks that also provide for drive-in and open-air shopping experiences.

The Sunday Times had reported Brookfield would pay Hammerson 350 million pounds ($478.87 million) for seven retail parks as part of the deal.

The newspaper also reported that the disposed portfolio comprises retail parks in Falkirk, Didcot, Middlesbrough, St Helens, Telford, Merthyr Tydfil, and Rugby.

Hammerson did not immediately respond to a Reuters request to confirm the deal value.

Source: PTI

(This story has been published from a wire feed without modifications to the text. Only the heading has been changed)

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