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Aug 3, 2020
, Bloomberg News
(Bloomberg) -- Mall owner Hammerson Plc is considering raising funds and is in discussions to sell a stake in one of its luxury outlet businesses.
The company will raise equity from a rights issue, Hammerson said in a statement on Monday. It is also in advanced discussions on the terms of a possible disposal of its 50% interest in VIA Outlets to its joint venture partner APG.
Mall and store owners have been hit hard by the coronavirus pandemic as retailers were forced to close and failed to pay rent, while consumers spent more online. The fallout has already claimed Hammerson rival Intu Properties Plc, which collapsed into administration in June after failing to agree loan waivers with lenders.
The sale comes after Hammerson’s deal to sell a portfolio of retail parks to private equity firm Orion Capital Managers collapsed. Hammerson has been seeking to shed assets to cut its debt pile.
©2020 Bloomberg L.P.
