Hammerson is waiting for major construction work

The developer is focusing on selling more than £ 500m of real estate badets to pay off debts, while stocks continue to fall in the UK.

Hammerson confirmed last summer that it would delay the start of a planned £ 1.4 billion expansion of the Brent Cross shopping center, where Laing O'Rourke is aligned as prime contractor .

In its latest results released today, the developer said: "Given the increased levels of uncertainty, especially in the UK retail markets, we decided in July to postpone Brent's onsite startup. Cross.

"Given our debt reduction target in 2019, we do not expect to engage in major projects until the markets stabilize.

"Capital expenditures are tightly controlled and we will only engage in projects when the risk / benefit ratio is acceptable.

"Factors evaluated include financing and financial returns, cost and program certainty, lease confidence and pre-lease performance."

Projects currently pending until 2020 at the earliest include Brent Cross, the Whitgift Center in Croydon and The Goodsyard in London.

Hammerson also unveiled its "City Quarters" concept with plans for residential housing adjacent to retail, offering up to 6,600 homes across the country.

David Atkins, managing director of Hammerson, said: "2018 has been a difficult year, especially in the UK.

"Tenant failures, structural change in retail, and more thoughtful consumption have created a challenging operating environment, putting pressure on the value of properties.

"We believe that a successful deleveraging program will best position Hammerson in the current environment and beyond.

"The divestitures will also allow us to prove the intrinsic value of this business – which we believe is not recognized in the current equity market.

"After successfully completing £ 570m in sales in 2018, we expect to sell at least £ 500m in 2019.

"We remain committed to moving out of the medium-term business parks and we are conducting active portfolio-wide discussions on deals worth more than £ 900 million, which would further strengthen our balance sheet.

"In the longer term, we will create additional value creation opportunities through City Quarters, which will enable us to transform many of our urban sites, beyond retail, into thriving and prosperous neighborhoods."