Hammerson sells off €1.78b stake in nine shopping centers in Europe

Hammerson has sold its interest, 40 percent, in Value Retail, which operates and controles nine upmarket outlet shopping centers in Europe, for £1.5 billion (€1.78 billion/$tk billion).

The buyer is L Catterton, the private equity firm backed by French luxury fashion house LVMH Moet Hennessy Louis Vuitton.

Hammerson said it would use the cash generated to reduce its debt and reinvest into assets in its core markets.

Rita-Rose Gagné, the chief executive of Hammerson, said, “This is a transformational deal for Hammerson, generating cash proceeds of £600 million [€tk million/$tk million] whilst removing an overweight, low-yielding and minority stake, and positioning us for accelerated growth and value creation.”