Falkirk Central Retail Park under new ownership

Hammerson reported it had exchanged unconditional contracts on the sale of a portfolio of seven retail parks to Orion European Real Estate Fund – a closed private equity fund managed by the firm Orion Capital Managers, which has offices in the UK, France, Italy and Spain.

Hammerson stated the transaction was the largest UK retail parks portfolio sale in last decade and followed the company’s strategic decision – which it announced back in 2018 – to exit the retail parks sector.

Hammerson chief executive David Atkins said: “Against a challenged retail and investment backdrop we have exited the retail parks sector. Having achieved disposals of close to £1 billion since the beginning of 2019, our focus remains on strengthening our balance sheet to create further resilience.

“The completion of this strategic disposal enables us to create a more concentrated portfolio of flagship venues, premium outlets and City Quarters which we expect will deliver greater levels of both income stability and growth over the medium term.”

Falkirk Central Retail Park is home to a number of national renowned retaillers, including Marks and Spencers, Smyths, Tesco, TK Maxx, Next, Halfords and Boots, as well as food outlets like Nando’s, Pizza Hut, McDonalds and Frankie and Benny’s and the Cineworld cinema multiplex.

Founded at the turn of the century, Orion Capital Managers is a European real estate private equity firm which specialises in European commercial real estate investment management on behalf of major investors from around the world. It is owned by founding partners Aref Lahham, Van Stults, and Bruce Bossom.

The Falkirk Herald contacted Orion Capital Managers to find out if it was just a case of “business as usual” for the many Central Retail Park tenants, or if there were any changes going to be made following the handover.

The firm had not responded at this time.