British shopping centre operator Hammerson aims to sell its out-of-town retail parks as part of as part of an overhaul to calm shareholder unrest following its failed takeover of rival Intu Properties.
Hammerson, which owns Birmingham's Bullring and London's Brent Cross, said it plans to sell £1.1 billion worth of assets, including its retail parks.
These assets have struggled this year amid tough trading conditions for shops and restaurants.
The company is also the co-owner of the Dundrum Town Centre, the Ilac Centre in Dublin city centre and the Pavilions in Swords in Co Dublin.
It said it aims to cut at least £7m of costs each year and buy back shares worth as much as £300m.
The disposals come as Hammerson reported a 0.5% increase in first-half adjusted profit to £120m.
Net rental income fell 3% to £178.5m during the first six months of 2018 compared with a year earlier.
Shareholder pressure has been mounting on Hammerson after it scrapped a £3.4 billion all-share deal to buy London-listed Intu and spurned a £5 billion takeover attempt by French shopping centres group Klepierre in April.
Elliott, a US activist hedge fund that has built up a stake in Hammerson in recent months, is among investors keen to see the shopping centre owner pursue a new strategy to boost value in the wake of the two aborted deals.
Investors baulked at Hammerson's plan to buy Intu, the owner of malls including Manchester's Trafford Centre, amid concern the takeover would increase the company's exposure to the UK's troubled retail sector.
"Our reshaped strategy sees us taking decisive action to further reposition our portfolio," chief executive David Atkins said.
"Through increasing the level of disposals, including exiting the retail parks sector, we will now focus solely on winning destinations of the highest quality: Flagship retail destinations and premium outlets," he added.
