Hammerson sells 42% stake in Value Retail to L Catterton for £1.5bn, receiving £600m net cash proceeds.

Hammerson has sold its 42% stake in Value Retail, the owner of Bicester Village and other luxury shopping destinations, to L Catterton, a consumer-focused investment firm, for an enterprise value of £1.5bn. The deal will provide Hammerson with £600m in net cash proceeds, which will be used to invest in core projects and reduce debt. The business plans a £140m share buyback and a one-for-10 share consolidation.

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