×
2 877
Fashion Jobs
BERSHKA
General Manager - Bershka Blanchardstown
Permanent · DUBLIN
ZARA HOME
Zara Home White City - General Manager (Maternity Cover)
Permanent · LONDON
SELFRIDGES
Finance Systems Analyst
Permanent · LONDON
BOOHOO GROUP
Warehouse Operative - 14:00-02:00
Permanent · CRICK
URBN
Urban Outfitters Performance Marketing Manager - London, UK
Permanent · LONDON
HARRODS
Senior Buyer's Clerk - Accessories
Permanent · LONDON
HEAD OFFICE
Head Chef Food Production – Victoria Head Office
Permanent · LONDON
ESTEE LAUDER
Sales & Education Executive, Estee Lauder - Travel Retail Emea (Based UK)
Permanent · Londres
ESTEE LAUDER
Clinique - Consultant - Boots Trinity, Leeds - 26 Hours/Week - Part Time, Permanent
Permanent · Leeds
ESTEE LAUDER
Clinique - Consultant - Boots Metro, Gateshead - 21 Hours/Week - Part Time, Permanent
Permanent · Gateshead
THE NORTH FACE
Account Coordinator - German Speaking - Vans
Permanent · NOTTINGHAM
VANS
Account Coordinator - Dutch Speaking - The North Face
Permanent · NOTTINGHAM
TIMBERLAND
Account Coordinator - French Speaking - Dickies
Permanent · NOTTINGHAM
TIMBERLAND
Account Coordinator - Timberland
Permanent · NOTTINGHAM
SKECHERS
Supervisor - Cambridge
Permanent · CAMBRIDGE
BOOHOO GROUP
Assistant Account Manager
Permanent · LONDON
HEAD OFFICE
Senior Finance Analyst, Commercial Finance
Permanent · LONDON
HEAD OFFICE
Senior Project Manager
Permanent · LONDON
JOHN LEWIS
Maintenance Manager
Permanent · DARWEN
HEAD OFFICE
Technical Services Compliance Manager
Permanent · BRACKNELL
MULBERRY
Senior Email & CRM Marketing Executive
Permanent · LONDON
ESTEE LAUDER
Tom Ford Beauty - National Sales & Education Director
Permanent · Londres
Ads
Published
May 6, 2020
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Hammerson keeps £21m deposit after retail parks sale collapses

Published
May 6, 2020

Under-pressure property giants have been selling off assets to raise cash and to exit underperforming business streams. But it seems that Hammerson has been frustrated in what it thought was a done deal for seven of its retail parks, with that deal now permanently off.


Hammerson's plan to focus on flagships like Birmingham's Bullring has been stalled by the collapse of its retail parks sale - Bullring



It’s a major blow to Hammerson, although on the plus side, it gets to keep the £21 million deposit that has been held in escrow by its solicitors.

Yet £21 million is small compensation for the collapse of a deal that would have furthered its ambition to exit the retail parks business in order to focus on flagship properties. 

The company had announced the sale of the seven locations to Orion European Real Estate Fund V back in February. With a purchase price of £400 million, in was thought to be the largest single transaction of its kind in the past decade.

The deal came just a couple of months after the company completed its sale of a 75% stake in Parisian shopping destination Italie Deux to AXA Investment Managers - Real Assets for €430m (£362m).

But last month, Hammerson said Orion had notified it that it didn’t intend to complete on the retail parks sale. At the time, the UK firm set a deadline of May 6 for the completion, but late on May 5, Orion reiterated its decision.

So far, Hammerson (which owns Birmingham’s Bullring) has sold 14 retail parks, generating £764 million. But its chances of selling the seven properties in question could be lower today, given the coronavirus crisis. And even if the company can sell them, it's perhaps less likely that it would be able to get a price close to the £400 million it had agreed with Orion.

The collapse of the deal underlines the precarious nature of UK physical retail in 2020. Nobody is expecting a fast bounce-back from the severe downturn, even after the lockdown ends. And many observers have suggested we’re at a turning point that will mean much less physical retail space will be needed in future.

Copyright © 2022 FashionNetwork.com All rights reserved.