REG - Hammerson PLC - Disposal

HammersonAnnouncement

18/09/2024 11:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240918:nRSR6990Ea&default-theme=true

RNS Number : 6990E  Hammerson PLC  18 September 2024

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR
FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OF SUCH JURISDICTION

FOR IMMEDIATE RELEASE

18 September 2024

Hammerson plc

("Hammerson" or the "Company/Group")

 

Hammerson completes Value Retail Disposal enabling acceleration of growth
strategy

Following the announcement on 22 July 2024, Hammerson announces that it has
today successfully completed the disposal of its interest in Value Retail to
Silver Bidco Limited, a company established by certain affiliates of L
Catterton (the "Disposal").

This transformational Disposal generates c.£600m of cash proceeds, enabling a
step-change in the Company's ability to accelerate growth and unlock
value-enhancing opportunities, including through:

·      Organic investment in the Group's core portfolio;

·      Consolidation of ownership in core assets and adjacent markets;

·      Accelerating value realisation from the Group's strategic land.

The immediate deleveraging effect of the Disposal allows the Company to move
faster on these strategic priorities and enhance returns for shareholders.
Approval by shareholders last week of the Company's proposed share
consolidation and capital reduction facilitates the planned share buyback
programme, which is expected to commence in October 2024. A further
announcement regarding the buyback will be made in due course.

Last month, the Group's investment grade credit rating was upgraded by Moody's
from Baa3 to Baa2, while Fitch updated its outlook to positive. The secured
debt on Dundrum was also successfully refinanced, extending Hammerson's
average debt maturity.

Rita-Rose, CEO of Hammerson plc, commented:

"This is a significant moment for Hammerson. Three years ago, we promised a
turnaround of the business and today's completed Disposal means it has now
been delivered. The Disposal immediately deleverages our business and opens up
an exciting new era for Hammerson, focused on accelerating growth whilst
maintaining our operational grip and financial discipline. Encouraged by a
strong operational performance over summer, I am excited that we are now
firmly on the front foot and ready to build on our growing momentum and proven
track record over recent years."

Further information

There has been no material change affecting any matter contained in the
announcement relating to the Disposal released by the Company on 22 July 2024.

For more information on the Disposal, the use of the Disposal proceeds and the
background to and reasons for the Disposal, as well as ancillary corporate
actions (being the share consolidation and capital reduction) to be undertaken
by the Company, as approved by shareholders at the General Meeting of the
Company held on 12 September 2024, please see the announcements released by
the Company on 22 July 2024 and 12 September 2024.

 

ENDS

 Hammerson plc

 Investor & Media Contact

 Josh Warren, Hammerson, Director of Strategy, Commercial Finance and Investor   +44 (0)20 7887 1053
 Relations

 MHP for Hammerson

 Oliver Hughes                                                                   +44 (0)7885 224 532

 Ollie Hoare                                                                     +44 (0)7817 458 804

 

 

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

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DISUWOKRSAUKARR