UK shopping centre operator Hammerson said today it had terminated its £400m deal to sell seven retail parks to private equity firm Orion, sending its shares lower.
The company last month served a notice to Orion specifying that it is required to complete the deal by May 6.
"Following close of business on 5 May 2020, Orion notified Hammerson that it had resolved not to complete (the sale and purchase agreement) on 6 May 2020," Hammerson said.
The company said that the deposit of £21m held in escrow by its solicitors would become immediately payable to Hammerson.
Hammerson owns a 50% stake in the Dundrum, Ilac and Pavillion shopping centres in Dublin, and a 40% stake in Kildare Village.
It has been trimming debt and fixing its balance sheet by divesting some of its portfolio to focus on its flagship sites, premium outlets and city quarters across Europe.
