REG - Hammerson PLC - Disposal

HammersonAnnouncement

26/02/2024 07:00

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RNS Number : 3518E  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 exchange(1) of an unconditional contract for
the sale of Union Square, a 52,000m(2) 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.

 

(1)after 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: +44 20 7887 1053    E: josh.warren@hammerson.com

 

Hammerson Media Contacts

Natalie Gunson, Hammerson, Group Director of Corporate Communications

T: +44 20 7887 4672  E:  Natalie.Gunson@hammerson.com

 

MHP for Hammerson

Ollie Hoare and Charles Hirst

T: +44 (0)20 3128 8100    E: Hammerson@mhpgroup.com

 

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

 

 

 

 

 

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