Disposal of non-core assets

RNS Number : 8796C

Hammerson PLC

25 February 2022

 

Hammerson plc ("Hammerson" or the "Company")

25 February 2022

Disposal of non-core assets

Hammerson today announces it has completed the disposal of non-core assets in Leeds for a cash consideration of £120m to entities associated with Redical [1] , by means of a simultaneous exchange and completion.

The assets comprise the 19,400m² Victoria Quarter shopping gallery, 37,600m² Victoria Gate shopping centre, and the inter-linking Wrays Buildings.

The price is in line with the 30 June 2021 book value, which represented a net initial yield of 7.4%. 

The proceeds will be used to reduce net debt.

The announcement above has also been released on the SENS system of the Johannesburg Stock Exchange and Euronext Dublin.

[1] SELETH 2 TRUSTEE (JERSEY) LIMITED, VICTORIA QUARTER SHOPPING CENTRE LIMITED, SELETH NEWCO 2 LIMITED, REDICAL HOLDINGS AG

ENDS

Hammerson Investor Contact

Josh Warren, Hammerson, Director of Strategy & Investor Relations

T: [phone]    E:  [e-mail]  

Hammerson Media Contacts

Natalie Gunson, Director of Corporate Communications

T: [phone]  E:    [e-mail]

FTI Consulting (for Hammerson)

John Waples

Tel: [phone]  E: [e-mail]  

Dido Laurimore

T: [phone]  E:  [e-mail]

Notes to Editors

Hammerson

Hammerson creates vibrant, continually evolving spaces, in and around thriving European cities, with a focus on prime urban estates and premium outlets.  As at 30 June 2021, our portfolio of high-quality venues had a value of £5.5 billion and included 21 flagship destinations in thriving cities and investments in premium outlet villages through our partnership with Value Retail. Key venues include Bullring, Birmingham, Dundrum Town Centre, Dublin, and Les Terrasses du Port, Marseille, and investments in premium outlets at Bicester Village, Oxfordshire, La Vallée, Paris, and Las Rozas, Madrid.

 

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