Tycoon John Whittaker cuts stake in malls giant Hammerson

The secretive billionaire John Whittaker has sold part of his stake in Hammerson, the owner of shopping centres including Birmingham’s Bullring, after losing millions of pounds on his investment.

Whittaker’s investment vehicle, Peel Holdings, has cut its stake in Hammerson from 4.6% to just under 4%. Whittaker, who is deputy chairman of rival Intu Properties — which unsuccessfully tried to merge with Hammerson last year — began amassing his stake two years ago.

Since then Hammerson’s shares have fallen by a third to 374p, reducing the value of his holding by about £70m.

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