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Bloomberg
Struggling UK mall operator Hammerson Plc has agreed to sell its retail parks to Canadian private equity firm Brookfield Asset Management Inc for 350 million pounds ($480 million), the Sunday Times reported.
Brookfield will acquire seven retail parks, giving a much-needed financial boost to the owner of Birmingham’s Bullring shopping centre.
Hammerson, which owns once-prized shopping centres across the UK, France and Ireland, wrote down the value of its portfolio by almost a quarter to 6.3 billion pounds last year as the retail market was hit hard by economic fallout from the coronavirus pandemic. CEO Rita-Rose Gagne’s attempts to clear some of its 2.2 billion-pound in debt have been hindered by huge shortfalls in rent.