British property giant Hammerson has confirmed that it is in advanced talks of a possible disposal of its 50 percent stake in VIA Outlets to its joint venture partner APG.
The company, which owns Bullring shopping centre in Birmingham and Brent Cross centre in London, said it is also mulling a potential equity raise by way of a rights issue.
“The company continues to take proactive measures relating to the management of its cost base and cash-flow and in recent weeks it secured approval for the issuance of up to 300 million pounds under the Covid Corporate Finance Facility (CCFF) from the Bank of England,” Hammerson said in a statement on Monday.
The company said that since reopening its flagship destinations across Europe, footfall has continued to pick up and its UK Q3 rent collection in the UK - excluding monthly payments and deferrals - is now above 30 percent.
Shopping centres have been heavily impacted by recent store closures. In June, British property giant Intu fell into administration following failed crunch talks with its lenders.
Photo credit: Grand Central, Hammerson