Disposal

Hammerson PLC

26 February 2024

 

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

26 February 2024

Sale of Union Square concludes Group's £500m non-core disposal programme

Hammerson today announces the exchange¹ of an unconditional contract for the sale of Union Square, a 52,000m² shopping centre in Aberdeen, to an affiliate² of Lone Star Real Estate Fund VI, L.P. for £111m cash consideration. Completion is expected to occur in Q1 2024.

This represents an 8% discount to 31 December 2023 book value of £121m and a net initial yield of 11%.

The proceeds of this disposal will further strengthen the balance sheet by reducing net debt and provide additional capacity for reinvestment into the core portfolio.

As part of Hammerson's strategic re-alignment of its portfolio, the sale of Union Square concludes the £500m non-core disposal programme, as outlined at the start of 2022.

¹after market close on 23 February 2024

² LSREF VI Dee Bidco Limited

ENDS

Hammerson Investor Contact

Josh Warren, Hammerson, Director of Strategy & Investor Relations

T: [phone]    E: [e-mail]

Hammerson Media Contacts

Natalie Gunson, Hammerson, Group Director of Corporate Communications

T: [phone]  E:  [e-mail]

MHP for Hammerson

Ollie Hoare and Charles Hirst

T: [phone]    E: [e-mail]

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

 

END