Hammerson JV with CPPIB on Grand Central

RNS Number : 8902O

Hammerson PLC

12 February 2016

 

Hammerson plc

12 February 2016

Hammerson completes acquisition of Grand Central, Birmingham, and signs joint venture with CPPIB

Following the announcement on 22 January 2016, Hammerson plc ("Hammerson") is pleased to announce the completion of the acquisition of Grand Central shopping centre in Birmingham.

Separately, Hammerson has today entered into a 50:50 joint venture agreement with Canadian Pension Plan Investment Board ("CPPIB") for ownership of Grand Central, with Hammerson acting as asset manager on behalf of the joint venture.

The joint venture pricing terms are equivalent to the terms for Hammerson's acquisition of the shopping centre. Completion of the joint venture is subject to customary closing conditions, including regulatory approval. Following completion of the joint venture, Hammerson's total acquisition costs for 50% of Grand Central will be £175 million.

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 21 prime shopping centres, 21 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.

 

END

 

 

JVESFDSMEFMSEIE