Seaside FM
The Shores Resource Centre, 29-31 Seaside Road, Withernsea, HU19 2DL
01964 263 105
contact@seasideradio.co.uk
Seaside Radio Limited registered company number 05031695 & registered charity number 1115311.
Sky News has learnt that Hammerson, the FTSE-250 owner of London's Brent Cross and Birmingham's Bullring malls, is talking to a number of investors about buying its interest in Value Retail.
Rival property industry executives said on Monday that they understood that Hammerson could strike a deal to offload its roughly 40% stake in Value Retail before the end of the year.
In a statement issued to Sky News, Hammerson said: "Value Retail is an attractive portfolio but, as we've previously stated, it's not part of our core proposition to have an investment in a platform.
"We are not forced sellers and will look to maximise our options at the right time."
Value Retail comprises a dozen sites, with those in Shanghai and Suzhou in China also branded under the Bicester Village name, while others are located in cities such as Barcelona, Frankfurt, Madrid and Milan.
Belmont Park Village in New York is due to open in the summer of next year.
The company was founded by Scott Malkin, a successful real estate entrepreneur, who controls a large shareholding.
Hammerson's stake is said to be valued at about £1.2bn, although it may ultimately conclude a sale at a discount to that figure.
A deal to offload its holding would continue Hammerson's reshaping under Rita-Rose Gagne, its chief executive since 2020.
Read more business news:
Royal Mail fined £5.6m for missing delivery targets
IKEA buys second UK shopping centre
Spat on and assaulted - report reveals shop worker abuse
This year, Ms Gagne has seen off pressure from activist investors as she announced a resumption of dividend payments and further non-core asset sales.
A sale of its stake in Value Retail has been on the cards for some time, but news that it may be announced within weeks is likely to please shareholders.
Value Retail recently refinanced over £1bn of debt facilities, and has returned to cash distributions in 2023.
Its performance this year has been robust, with brand sales up 14% year-on-year and footfall up 13%, following the crisis triggered by the pandemic.