On 23 April 2020, Hammerson announced that Orion European Real Estate Fund V (“Orion”) had notified the company that it did not intend to complete on the sale of a portfolio of seven retail parks (the “Transaction”), despite exchanging unconditional contracts on 20 February 2020.
In accordance with the terms of the SPA, Hammerson served notice to complete on Orion specifying that completion must occur by no later than 6 May 2020. Following close of business on 5 May 2020, Orion notified Hammerson that it had resolved not to complete on the 6 May 2020. Hammerson will now terminate the SPA and access the £21 million deposit which has been held in escrow by its solicitors.
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