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: +44 20 7887 1053    E: josh.warren@hammerson.com

 

Hammerson Media Contacts

Natalie Gunson, Group Communications Director

T: +44 20 7887 4672  E: natalie.gunson@hammerson.com

 

MHP (for Hammerson)

Oliver Hughes

T: +44 7885 224532  E:  Hammerson@mhpgroup.com


Ollie Hoare

T: +44 7817 458804   E: Hammerson@mhpgroup.com

 

 

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