Fife’s Central Retail Park sold in the largestUK retail park portfolio sale in the decade

New York – British town Fife’s Central Retail Park has been sold as part of a 400 million pounds disposal deal announced by property giant Hammerson. The latter is said to be moving towards exiting the sector.

The shopping centre is one of seven sites sold to the Orion European Real Estate Fund.

Hammerson said the deal is the largest UK retail parks portfolio sale in the past decade. It follows the group’s strategic decision announced in July 2018 to exit the retail parks sector. The group has sold 14 retail parks since the change in strategy, generating sales proceeds of 764 million pounds to reduce the group's debt and further strengthen the balance sheet, reports ‘The Insider’.

In a corporate release, David Atkins, Hammerson's chief executive, said: "Against a challenged retail and investment backdrop we have exited the retail parks sector. Having achieved disposals of close to £1bn since the beginning of 2019, our focus remains on strengthening our balance sheet to create further resilience. The completion of this strategic disposal enables us to create a more concentrated portfolio of flagship venues, premium outlets and City Quarters which we expect will deliver greater levels of both income stability and growth over the medium term."