StockMarketWire.com - Hammerson said Thursday it had sold its 50% stake in Highcross shopping centre in Leicester to an Asian investor for £236m.

The sale price represented a 5% discount to December 2017 book value, the company said.

Hammerson said it would use the net proceeds from the sale and from its 50% share of the £82.6m loan to reduce drawings under revolving credit facilities with no impact to Group net debt, the company said.

The joint venture, which included Hammerson, had arranged a loan of a £165.2m to complete the sale, with Hammerson's share at £82.6m.

'We are pleased to have attracted a respected investor who shares our future vision for Highcross. The recent leasing momentum demonstrates that brands continue to open new stores, however the location has to be right, with only the best destinations making the cut,' said David Atkins, Chief Executive of Hammerson.

At 9:04am: [LON:HMSO] Hammerson PLC share price was -26.65p at 394.35p



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