UK’s Hammerson to sell stake in Value Retail

(Reuters) – British shopping centre owner Hammerson said on Monday it has entered into an agreement to dispose its interest in Value Retail to Silver Bidco Limited for an enterprise value of 1.5 billion pounds ($1.94 billion).

Hammerson said it will receive cash proceeds of 600 million pounds from the sale of its 42% stake in Value Retail and will use the funds to reduce its net debt and invest into assets in its core markets.

The company also announced a 1-for-10 share consolidation, and a share buy back worth 140 million pounds.

($1 = 0.7746 pounds)

(Reporting by Radhika Anilkumar in Bengaluru; Editing by Mrigank Dhaniwala)