Pressure from an activist investor and a higher vacancy rate in its shopping centres have prompted Hammerson to step up sales of its retail parks and other assets.
The shopping centre landlord, which owns the Bullring in Birmingham and Brent Cross in north London, said yesterday that it was in talks to sell £900m of assets, having disposed of sites for £570m last year.
The sales are part of a strategy to close the gap between the group’s stock market value and the valuation of its portfolio, under pressure from Elliott Advisors, the American activist investor that owns more than 5 per cent of the company.
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