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Dundrum Town Centre not part of Hammerson £400m portfolio sale

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The Dundrum Town Centre in Dublin is co-owned by Hammerson

The Dundrum Town Centre in Dublin is co-owned by Hammerson

The Dundrum Town Centre in Dublin is co-owned by Hammerson

Dundrum Town Centre has not been included in retail giant Hammerson’s £400m (€477m) portfolio sale.

In a statement today, Hammerson, which co-owns Ireland’s largest shopping centre, described Dundrum Town Centre as one of its “key retail venues.”

Hammerson will exit out-of-town retail locations in the UK by selling seven of them to private equity Orion amid store closures on the UK main streets and rise of online stores.

The company has been trimming debt and fixing its balance sheet by divesting some its portfolio to focus on its flagship sites, premium outlets and city quarters across Europe.

"Against a challenged retail and investment backdrop, we have exited the retail parks sector," chief executive David Atkins said.

The company announced plans in 2018 to sell shopping centres that house a number of large retail chains following its failed takeover of rival Intu Properties.

It has so far sold 14 retail parks and earned £764m.

Hammerson still holds an interest in a park that is held as a joint venture with Aberdeen Standard Investments and is marked for sale.

Intu too has been struggling with debt and had recently said it was in talks with its largest shareholder and new investors to raise funds to shore up its balance sheet.

(Additional reporting Reuters)

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