Falkirk Central Retail Park up for sale again
Falkirk’s massive retail park which is home to Marks and Spencers, Cineworld, Smyths, Tesco, Next and other major brands looks to have been put up for sale for the second time in the space of a year.
Last February Falkirk Central Retail Park owner Hammerson thought it had secured a deal to sell off the Falkirk location and its six other UK retail parks to European property investment firm Orion Capital Managers for £400 million.
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.
However, in April 2020 the deal fell through.
Now Hammerson confirmed it is once again in talks to sell Falkirk and its other UK retail parks.
The property giant has been in discussions with Canadian private equity firm Brookfield to sell the sites for around £350 million, however, it stated t
In a release to the London Stock Exchange, Hammerson stated it was said it is continuing to dispose of some of its assets in an effort to “further strengthen the balance sheet”, but there is “no certainty that a transaction will take place” and added it would “provide a further update in due course, if appropriate”.
The announcement comes after Hammerson wrote down the value of its shopping centres and stores by nearly £2 billion as the COVID-19 pandemic saw rental income suffer the biggest fall in its history.
Earlier this year Hammerson claimed its properties were worth £6.34 billion at the end of 2020 compared with £8.33 billion in 2019.