Orion pulls out of £400m deal
Hammerson has announced that the sale of its retail parks has been called off after private equity firm Orion pulled out of the £400m deal to acquire seven retail parks including sites in Falkirk, Middlesbrough and St Helens.
Orion said last month that it did not intend to complete the deal, despite exchanging unconditional contracts in February. Hammerson said it served Orion with notice to complete by Wednesday but was informed last night that the deal would not go ahead.
The property firm has been planning to leave the Retail Park market since 2018 and has already sold 14 retail parks. The sale of these seven parks would have been the biggest sale of UK retail parks in a decade, but the firm’s plans to leave the retail park sector has now been obstructed by this cancellation.