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Hammerson Sells Retail Parks Portfolio

Hammerson plc. (HMSO.L) said Friday it has exchanged unconditional contracts on the sale of a portfolio of seven retail parks to Orion European Real Estate Fund V for a headline price of 400 million pounds with expected net proceeds of 395 million pounds.

The sale follows Hammerson's strategic decision to exit the retail parks sector over the medium term to create a focused portfolio of flagship assets, premium outlets and City Quarters across major European cities.

Separately, Parc Tawe, Swansea and Abbey Retail Park, Belfast have been sold individually generating proceeds totalling 55 million pounds.

Combined with today's portfolio sale of seven retail parks, this final tranche of disposals totals 455 million pounds and represents a net initial yield of 8.7%, with a discount to a June 2019 book value of 22.2%.

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