Disposal

RNS Number : 2270L

Hammerson PLC

08 January 2016

 

Hammerson plc

Disposal

8 January 2016

Sale of Villebon 2 retail park, Villebon-sur-Yvette

Hammerson plc ("Hammerson") announces that it has exchanged contracts to sell the Villebon 2 retail park to a consortium of leading French institutional investors for EUR159 million (£116 million), ahead of the 30 June 2015 book value.

Located in Villebon-sur-Yvette, in the south of Paris region, the 47,500m² retail park, acquired in 2005 and 100% owned by Hammerson, has 46 tenants, 1,875 parking spaces and is anchored by FNAC, Darty and Toys'R'Us. The gross passing rent is EUR8.5 million (£6.2 million) and the centre is 99% occupied.

David Atkins, Chief Executive of Hammerson, said: "We continue to see good investor demand for well-positioned assets in France and are pleased to have capitalised on this demand to secure a price that is well ahead of the latest book value. As previously communicated, the proceeds will be used to partially finance the recent acquisition of the Irish portfolio, anchored by Dundrum, and completes the first £200 million tranche of disposals. We expect the next tranche of £300 million of disposals to be completed as planned in the course of 2016."

The transaction is expected to complete in H1 2016 and is subject to usual conditions precedent.

ENDS

For further information:

David Atkins, CEO

Tel: [phone]

Rebecca Patton, Head of Investor Relations

Tel: [phone]

Notes to Editors

Hammerson is a FTSE 100 owner, manager and developer of retail destinations in Europe. Our portfolio of high-quality retail property has a value of around £7.7 billion and includes 19 prime shopping centres, 20 convenient retail parks and investments in 15 premium outlet villages, through our partnership with Value Retail and the VIA Outlets joint venture. Hammerson has also recently acquired a platform of loans secured against high quality retail in Dublin, Ireland.

EUR:GBP 1.36

 

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