The owners of Brent Cross will sell off assets to curb its multi-billion-pound debts.

Shopping centre owner Hammerson, owner of Brent Cross, has reported millions of pounds in losses and says it will sell off some of its investments to pay off its debt worth over £3 billion.

In July 2018, the company said it would be selling £1.1 billion of its investments, properties and estates over a two-year period.

The news has been met with some trepidation as people fear the losses and the selling off of assets may harm Brent Cross or people’s jobs.

Last year the firm made £570m from selling assets and this year hopes to make its £1.1 billion target by selling a further £500m.

Hammerson has used the sale proceeds to pay down its debts by £179m to £3.4bn since June. It aims to reduce debt below £3bn this year.

This announcement came as it unveiled its 2018 results, showing a pre-tax loss of £266.7m.

However, no planned closures or downscaling of Brent Cross appears to be on the cards as Hammerson reiterated its commitment to the shopping centre.

A Hammerson spokesperson said: “The team continues to work closely with our development partners, Barnet Council and Argent Related, to advance the wider Brent Cross Cricklewood regeneration programme and progress outstanding issues in preparation for future delivery. Both Hammerson and our joint venture partner Aberdeen Standard Investments remain committed to Brent Cross and recognise its significance as a leading London destination.”