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Shares in FTSE 250 real estate firm Hammerson (LON:HMSO) dropped 2.04% to 221.20p (as of 15:45 GMT) after it announced the sale of seven retail parks for a headline price of £400 million. Additionally, two other parks have been sold for £55 million as Hammerson looks to exit the sector.
CEO David Atkins commented: “Against a challenged retail and investment backdrop we have exited the retail parks sector. Having achieved disposals of close to £1bn 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“.