(Reuters) -British shopping centre owner Hammerson is in detailed talks to sell its stake in luxury shopping outlet operator Value Retail for about 1 billion pounds ($1.23 billion), Sky News reported on Monday, citing industry executives.
Hammerson could offload its roughly 40% stake valued at 1.2 billion pounds at a discount before the end of the year, the Sky News report said.
“Value Retail is an attractive portfolio but, as we’ve previously stated, it’s not part of our core proposition to have an investment in a platform," a Hammerson spokesperson told Reuters in an emailed statement.
"We are not forced sellers and will look to maximise our options at the right time."
Value Retail did not immediately respond to a request for comment.
The UK-based Value Retail is the developer and operator of 12 luxury retail centres across Europe and China.
($1 = 0.8155 pounds)