StockMarketWire.com - Property developer and investor Hammerson said it had sold retail assets in the UK for £455m, at more than a fifth below their book value.

The company had exchanged contracts to sell a portfolio of seven retail parks to Orion for £400m with expected net proceeds of £395m.

Separately, it had also sold Parc Tawe in Swansea and Abbey Retail Park in Belfast, generating proceeds of £55m.

The combined disposal proceeds represented a net initial yield of 8.7%, with a discount to a June 2019 book value of 22.2%.

The transactions followed Hammerson's strategic decision in July 2018 to exit the retail parks sector over the medium term.

In total, Hammerson had sold 14 retail parks since July 2018, generating sales proceeds of £764m that have been used to cut debt.

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