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2019-02-25

Hammerson collapse: "Bullring owner targets £900m-plus sell-off as retail crisis bites"


Link to The Guardian

"Hammerson, which owns shopping centres including Birmingham's Bullring and London's Brent Cross, is in talks to sell off more than £900m of property after being hit by the crisis in Britain's retail sector.

"The FTSE 250-listed firm said it was in active discussions to offload more than £900m of assets, far exceeding its £500m target for 2019. Last year it sold off £570m of property, with the average price 7% below the book value in December 2017.

"Hammerson is under pressure from an activist investor, the US hedge fund Elliott Advisors, which owns a 5% stake in the company, to speed up disposals, after a 9.3% decline in its property values in 2018."




Inside Croydon:
"Hammerson raise more fears for £1.4bn Croydon scheme"

Link to Inside Croydon

"Hammerson, the owners of Centrale, one half of the 'Croydon Partnership' which was supposed to be starting work on the £1.4billion redevelopment of the Whitgift Centre in central Croydon this autumn, has this morning announced that it has put all its major construction projects on hold, and is instead focusing on flogging off more than £500million of property assets to pay down its company debts while the values of its properties continue to fall."

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