Hammerson Sells Retail Parks for $480 Million: Sunday Times

Struggling U.K. 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 center.

Hammerson, which owns once-prized shopping centers across the U.K., 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. Chief Executive Officer Rita-Rose Gagne’s attempts to clear some of its 2.2 billion-pound in debt have been hindered by huge shortfalls in rent.

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