£400m deal involving sale of Telford's Forge Retail Park collapses
A £400 million deal involving the sale of a retail park in Telford has collapsed.
Hammerson has confirmed it will terminate its agreement with Orion Real Estate Fund V for the disposal of seven retail parks – including Forge Retail Park in Telford.
In February, the London and Johannesburg-listed shopping centre owner agreed to sell the portfolio of seven UK retail parks as part of its strategy to exit the retail parks sector.
However, Orion has said it would not complete the agreement. As a result, Hammerson will now terminate the agreement and access the £21 million deposit made by Orion, which has been held by its solicitors.
The Telford retail park next to the M54, one of the county's biggest, is home to the likes of Sainsbury's, Next and bargain chain B&M.
Hammerson, which also owns Birmingham's Bullring Shopping Centre, bought the Forge Retail Park in 2012 as part of a £254.5 million deal.
