An activist investor in Hammerson has sold part of its stake in the shopping center owner worth £55 million.
Lighthouse Properties, an investment vehicle of the company's former director Desmond de Beer, has reduced its stake from 22 percent to less than 18 percent – or about 200 million shares.
Hammerson owns and operates some of Britain's largest shopping centres, including Brent Cross in north-west London and the Bullring in Birmingham. It also has interests in Bicester Village.
Sale: Hammerson owns and operates some of Britain's largest shopping centers including Brent Cross in North West London and the Bullring in Birmingham (pictured)
Earlier this year, Lighthouse caused a firestorm when it tried to bring two new directors onto the board.
De Beer, who left his position at Hammerson in October 2022, was dissatisfied with the company's strategy and drew attention to its high administration costs.
But city institutions including Legal & General Investment Management and Schroders publicly backed the board and Lighthouse's proposals were rejected.
Lighthouse said in a market update last week that it would use the money from the sale of the Hammerson shares in a deal to buy a shopping center in Spain.
FTSE 250-listed Hammerson, worth £1.4 billion, was burdened by a heavy debt pile for years and was targeted by short sellers.
Currently, 2.7 percent of the shares are lent to hedge funds. This is the lowest level in more than four years.