Disposal

RNS Number : 0347V

Hammerson PLC

03 April 2023

 

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

3 April 2023

Disposal of Italie Deux and Italik

Hammerson announces that it has completed the disposal of its 25% stake in Italie Deux, a 62,000m² shopping centre in central Paris, and 100% of the 6,500m² Italik extension for cash consideration of €164m to Ingka Centres via a simultaneous exchange and completion. This represents a 4% discount to 31 December 2022 book value and a net equivalent yield of 5.0%¹.

The exit marks the continued progress in the simplification of the Company's portfolio.  The proceeds will further strengthen the balance sheet and reduce net debt.

Together with the £195m of disposals completed in 2022, the Group has generated total proceeds of c.£360m against the Company's commitment of £500m of disposals by the end of 2023.

On a pro forma basis and including other disposals, headline LTV improves to 36%², FPC LTV to 45%², and net debt/EBITDA to 9.4x².

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

1.  Assets combined with passing rent of € 7.5m at Hammerson's share.

2.  December 2022 LTV 39%, FPC LTV 45%, net debt/EBITDA 10.4x.

ENDS

Enquiries

Hammerson Investor Contact

Josh Warren, Hammerson, Director of Strategy, Investor Relations and Commercial Finance

T: [phone]    E: [e-mail]

Hammerson Media Contacts

Natalie Gunson, Group Communications Director

T: [phone]  E: [e-mail]

MHP (for Hammerson)

Oliver Hughes

T: [phone]  E:  [e-mail]

Ollie Hoare

T: [phone]   E: [e-mail]

 

END

 

 

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