Hammerson sale of retail parks falls through as Orion pulls out

Hammerson announced the termination of the disposal of its retail parks portfolio on Tuesday.

The FTSE 250 company said that, on 23 April, Orion European Real Estate Fund V had notified it that it did not intend to complete the sale of a portfolio of seven retail parks, despite exchanging unconditional contracts on 20 February.

In accordance with the terms of the sale and purchase agreement, Hammerson served notice to complete on Orion, specifying that completion must occur by no later than 6 May.

“Following close of business on 5 May, Orion notified Hammerson that it had resolved not to complete on 6 May,” the board said in its statement.

“Hammerson will now terminate the sale and purchase agreement and access the £21m deposit which has been held in escrow by its solicitors.”

At 1021 BST, shares in Hammerson were down 3.6% at 57.61p.