REG - Hammerson PLC - Half-year Report <Origin Href="QuoteRef">HMSO.L</Origin> - Part 5
25/07/2016 07:06
- Part 5: For the preceding part double click ID:nRSY0551Fd
11.9 13.4 3.9
Total 137.5 120.8 2.4 350 264.2 275.9 2.0
France 49.4 44.0 3.7 445 95.0 107.3 8.5
Total investment portfolio 186.9 164.8 2.8 370 359.2 383.2 3.8
Developments 5.3 2.9
Total property portfolio(note 2) 192.2 167.7
Selected data for the year ended 31 December 2015
Group
UK 262.0 230.4 2.0 345 261.1 270.7 1.7
France 95.9 83.0 3.1 355 88.8 101.0 9.8
Total investment portfolio 357.9 313.4 2.3 345 349.9 371.7 3.8
Developments 8.5 5.2
Total property portfolio 366.4 318.6
Notes
A. Average rents passing at the period end before deducting head and equity rents and excluding rents passing from anchor
units and car parks.
B. The estimated market rental value at the period end calculated by the Group's valuers. ERVs in the above table are
included within the unobservable inputs to the portfolio valuations as defined by IFRS 13.
TABLE 2: NET RENTAL INCOME
Net rental income for the six months ended 30 June 2016
Properties owned throughout 2015/16 Increase Acquisitions Disposals Developments Total
£m for properties owned throughout 2015/16 £m £m and other£m £m
%
Proportionally consolidated excluding premium outlets
United Kingdom
Shopping centres 68.7 2.8 4.5 0.1 0.1 73.4
Retail parks 38.2 1.2 - 2.4 1.7 42.3
Other 2.6 2.8 0.8 - 4.6 8.0
Total 109.5 2.1 5.3 2.5 6.4 123.7
France 39.4 1.9 0.9 1.6 2.1 44.0
Total property portfolio 148.9 2.1 6.2 4.1 8.5 167.7
Net rental income for the six months ended 30 June 2015
Properties owned throughout 2015/16 Exchange Acquisitions Disposals Developments Total
£m £m £m £m and other£m £m
Proportionally consolidated excluding premium outlets
United Kingdom
Shopping centres 66.9 - 0.3 1.3 0.2 68.7
Retail parks 37.8 - - 3.7 0.2 41.7
Other 2.5 - 0.1 0.3 3.4 6.3
Total 107.2 - 0.4 5.3 3.8 116.7
France 38.6 (2.7) 0.5 5.6 0.8 42.8
Total property portfolio 145.8 (2.7) 0.9 10.9 4.6 159.5
TABLE 3: RENT REVIEWS AS AT 30 JUNE 2016
Rents passing subject to review inA Current ERV of leases subject to review inB
Proportionally consolidated excluding premium outlets 2016C 2017 2018 Total£m 2016 C 2017 2018 Total £m
£m £m £m £m £m £m
United Kingdom
Shopping centres 27.6 12.7 18.8 59.1 31.4 13.3 20.2 64.9
Retail parks 42.0 8.1 8.4 58.5 43.4 8.5 8.9 60.8
Other 4.7 0.7 0.4 5.8 4.9 0.8 0.5 6.2
Total 74.3 21.5 27.6 123.4 79.7 22.6 29.6 131.9
Notes
A. The amount of rental income, based on rents passing at 30 June 2016, for leases which are subject to review in each
year.
B. Projected rental income for leases that are subject to review in each year, based on the higher of the current
rental income and the ERV at 30 June 2016 and ignoring the impact of changes in rental values before the review date.
C. 2016 includes outstanding rent reviews
TABLE 4: LEASE EXPIRIES AND BREAKS AS AT 30 JUNE 2016
Rents passing that expire/break inA ERV of leases that expire/break inB Weighted average unexpired lease term
Proportionally consolidated excluding premium outlets 2016 2017 2018 Total£m 2016 2017 2018 Total £m to break years to expiry years
£m £m £m £m £m £m
United Kingdom
Shopping centres 14.5 9.7 23.1 47.3 18.6 10.2 21.9 50.7 6.3 9.2
Retail parks 4.7 2.0 3.4 10.1 4.5 2.2 3.3 10.0 8.3 9.3
Other 2.4 0.7 1.9 5.0 3.0 0.9 1.4 5.3 8.5 9.6
Total 21.6 12.4 28.4 62.4 26.1 13.3 26.6 66.0 7.1 9.2
France 11.8 4.3 3.3 19.4 13.1 4.6 3.7 21.4 2.8 6.0
Total investment portfolio 33.4 16.7 31.7 81.8 39.2 17.9 30.3 87.4 5.9 8.3
Notes
A. The amount of rental income, based on rents passing at 30 June 2016, for leases which expire or, for the UK only,
are subject to tenant break options, which fall due in each year.
B. The ERV at 30 June 2016 for leases that expire or, for the UK only, are subject to tenant break options which fall
due in each year and ignoring the impact of rental growth and any rent-free periods.
TABLE 5: TOP TEN TENANTS
Proportionally consolidated excluding premium outlets Passing rent % of totalpassing rent
£m
B&Q 12.2 3.4
H&M 7.9 2.2
Next 7.3 2.0
Dixons Carphone 6.3 1.8
Home Retail Group 6.3 1.8
Arcadia 5.8 1.6
New Look 5.5 1.5
Debenhams 5.1 1.4
Boots 4.9 1.4
Printemps 4.3 1.2
Total 65.6 18.3
Note: Tenants ranked as a percentage of Group passing rent at 30 June 2016.
TABLE 6: EPRA COST RATIO
Proportionally consolidated excluding premium outlets Six months ended Year ended31 December 2015£m Six months ended
30 June 2016 30 June 2015
£m £m
Net service charge expenses - non-vacancy 2.2 3.8 1.8
Net service charge expenses - vacancy 5.2 9.5 4.5
Net service charge expenses - total 7.4 13.3 6.3
Other property outgoings 15.1 30.8 13.9
Less inclusive lease costs recovered through rent (2.0) (3.4) (1.6)
Total property costs (for cost ratio) 20.5 40.7 18.6
Employee and corporate costs 24.3 48.3 23.0
Management fees receivable (3.3) (6.0) (2.9)
Total operating costs (for cost ratio) 41.5 83.0 38.7
Gross rental income 192.2 366.4 181.2
Ground and equity rents payable (2.0) (3.7) (1.5)
Less inclusive lease costs recovered through rent (2.0) (3.4) (1.6)
Gross rental income (for cost ratio) 188.2 359.3 178.1
EPRA cost ratio including net service charge expenses - vacancy (%) 22.1 23.1 21.7
EPRA cost ratio excluding net service charge expenses - vacancy (%) 19.3 20.5 19.2
Staff costs amounting to £1.2 million (30 June 2015: £1.0 million, 31 December 2015: £1.9 million) have been capitalised as
development costs and are excluded from Table 6. Our business model for developments is to use a combination of in-house
staff and external advisers. The cost of external advisers is capitalised to the cost of developments. The cost of staff
working on developments is generally expensed, but is capitalised subject to meeting certain criteria related to the degree
of time spent on and the stage of progress of specific projects.
TABLE 7: VALUATION ANALYSIS
Valuation data for the portfolio as at 30 June 2016
Proportionally consolidated including premium outlets Properties at valuation Revaluation in the period Capital return Total return Initial yield True equivalent yield Nominal equivalent yieldA
£m £m % % % % %
United Kingdom
Shopping centres 3,331.9 (13.5) (0.4) 1.8 4.4 5.1 5.0
Retail parks 1,525.6 (37.9) (3.0) (0.5) 5.1 5.7 5.5
Other 157.7 (2.8) (0.7) 2.4 6.1 7.7 7.3
Total 5,015.2 (54.2) (1.3) 1.1 4.7 5.4 5.2
France 2,070.1 65.1 2.9 5.1 3.9 4.5 4.4
Total investment portfolio 7,085.3 10.9 (0.1) 2.2 4.4 5.1 5.0
Developments 481.3 18.6 4.9 5.6
Total property portfolio 7,566.6 29.5 0.2 2.4
Premium outletsB 1,396.9 48.0 3.5 5.7
Total Group 8,963.5 77.5 0.7 2.9
Selected data for the year ended 31 December 2015
Group
UK 4,881.2 215.3 4.7 9.9 4.8 5.4 5.2
France 1,860.5 116.6 7.1 12.0 4.1 4.7 4.6
Total investment portfolio 6,741.7 331.9 5.4 10.5 4.6 5.2 5.1
Developments 388.8 35.6 12.3 14.1
Total property portfolio 7,130.5 367.5 5.7 10.7
Premium outletsB 1,243.6 174.1 16.4 23.7
Total Group 8,374.1 541.6 7.1 12.4
Notes
A. Nominal equivalent yields are included within the unobservable inputs to the portfolio valuations as defined by IFRS
13.
B. Represents the property returns for the Group's share of premium outlets through its investments in Value Retail and
VIA Outlets.
TABLE 8: YIELD ANALYSIS
Investment portfolio as at 30 June 2016 Proportionally consolidated excluding premium outlets Income Gross value Net book value
£m £m £m
Portfolio value (net of cost to complete) 7,514 7,514
Purchasers' costsA (429)
Net investment portfolio valuation on a proportionally consolidated basis 7,085
Income and yields
Rent for valuers' initial yield (equivalent to EPRA Net Initial Yield) 334.7 4.4% 4.7%
Rent-free periods (including pre-lets)B 11.6 0.2% 0.2%
Rent for 'topped-up' initial yieldC 346.3 4.6% 4.9%
Non-recoverable costs (net of outstanding rent reviews) 12.9 0.2% 0.2%
Passing rents 359.2 4.8% 5.1%
ERV of vacant space 10.1 0.1% 0.1%
Reversions 13.9 0.2% 0.2%
Total ERV/Reversionary yield 383.2 5.1% 5.4%
True equivalent yield 5.1%
Nominal equivalent yield 5.0%
Notes
A. Purchasers' costs equate to 5.7% of the net portfolio value.
B. The weighted average remaining rent-free period is 0.3 years.
C. The yield of 4.6% based on passing rents and gross portfolio value is equivalent to EPRA's 'topped-up" Net Initial
Yield.
PREMIUM OUTLETS
The Group's investment in premium outlets is through interests in Value Retail and VIA Outlets. Due to the nature of the
Group's control over these externally managed investments, Value Retail is accounted for as an associate and VIA Outlets as
a joint venture. Tables 9 and 10 provide analysis of the impact of the two premium outlet investments on the Group's
financial statements. Further information on Value Retail is provided in note 10 to the accounts on pages 37 to 39 and for
VIA Outlets in note 9 to the accounts on pages 35 to 37.
Table 9: Income statement
Aggregated premium outlets income summary
Six months ended 30 June 2016 Six months ended 30 June 2015
Value Retail VIA Outlets Total Value Retail VIA Outlets Total
£m £m £m £m £m £m
Share of results 38.9 6.6 45.5 64.1 5.2 69.3
Less EPRA adjustments:
Revaluation gains on properties (42.2) (5.8) (48.0) (66.5) (3.3) (69.8)
Change in fair value of derivatives 18.6 (0.1) 18.5 (0.1) 3.7 3.6
Deferred tax 6.0 1.6 7.6 10.3 1.0 11.3
Other adjustments (13.2) - (13.2) (0.7) (2.9) (3.6)
EPRA adjustments (30.8) (4.3) (35.1) (57.0) (1.5) (58.5)
Adjusted earnings of premium outlets 8.1 2.3 10.4 7.1 3.7 10.8
Interest receivable from Value Retail loans* 2.4 - 2.4 2.6 - 2.6
Total contribution to adjusted profit 10.5 2.3 12.8 9.7 3.7 13.4
Table 10: Balance sheet
Aggregated premium outlets investment summary
30 June 2016 31 December 2015
Value Retail VIA Outlets Total Value Retail VIA Outlets Total
£m £m £m £m £m £m
Investment properties 1,219.4 177.5 1,396.9 1,095.0 148.6 1,243.6
Net debt (372.4) (31.5) (403.9) (335.3) (27.1) (362.4)
Other net liabilities (27.6) (14.5) (42.1) (15.9) (10.7) (26.6)
Share of net assets 819.4 131.5 950.9 743.8 110.8 854.6
Less EPRA adjustments:
Fair value of derivatives 1.4 4.0 5.4 (0.4) 3.5 3.1
Deferred tax 126.0 8.8 134.8 107.3 6.3 113.6
Goodwill as a result of deferred tax (47.0) (3.4) (50.4) (47.0) (3.0) (50.0)
EPRA adjustments 80.4 9.4 89.8 59.9 6.8 66.7
EPRA adjusted investment 899.8 140.9 1,040.7 803.7 117.6 921.3
Investment in VR China 6.7 - 6.7 4.8 - 4.8
(within Other investments)
Loans to Value Retail* 39.5 - 39.5 76.4 - 76.4
Total impact of balance sheet - EPRA basis 946.0 140.9 1,086.9 884.9 117.6 1,002.5
* At 30 June 2016 the Group had provided loans of £39.5 million (31 December 2015: £76.4 million) to Value Retail for which
the Group received interest of £2.4 million in the six months ended 30 June 2016 (30 June 2015: £2.6 million) which is
included within finance income in note 4 to the accounts on page 32.
PROPORTIONALLY CONSOLIDATED INFORMATION
Note 2 to the accounts on pages 28 to 30 shows the proportionally consolidated income statement. The proportionally
consolidated balance sheet, net debt and underlying finance costs are shown in Tables 11, 12 and 13 below.
In each of the tables, column A represents the Reported Group figures as shown in the financial statements; column B shows
the Group's Property interests being the Group's share of Property joint ventures as shown in note 9 to the accounts on
pages 35 and 36 and Nicetoile as shown in note 10 to the accounts on pages 37 and 38. Column C shows the Group's
proportionally consolidated figures by aggregating the Reported Group and Property interests figures. The Group's interest
in premium outlets are not proportionally consolidated as management does not review these interests on this basis.
Table 11: Proportionally consolidated balance sheet
As at 30 June 2016
30 June 2016 31 December 2015
Reported Share of Proportionally consolidated Reported Share of Proportionally consolidated
Group Property interests £m Group Property interests £m
£m £m £m £m
A B C A B C
Non-current assets
Investment and development properties 5,063.2 2,503.4 7,566.6 4,652.1 2,478.4 7,130.5
Interests in leasehold properties 38.4 9.4 47.8 32.1 9.4 41.5
Plant and equipment 7.0 - 7.0 7.6 - 7.6
Investment in joint ventures 3,333.6 (3,202.1) 131.5 3,213.6 (3,102.8) 110.8
Investment in associates 846.4 (27.0) 819.4 768.0 (24.2) 743.8
Other investments 6.7 - 6.7 4.8 - 4.8
Receivables 56.0 0.1 56.1 92.1 - 92.1
9,351.3 (716.2) 8,635.1 8,770.3 (639.2) 8,131.1
Current assets
Receivables 94.8 790.3 885.1 118.0 710.7 828.7
Restricted monetary assets 35.6 15.7 51.3 34.0 16.3 50.3
Cash and deposits 173.5 38.3 211.8 37.0 33.5 70.5
303.9 844.3 1,148.2 189.0 760.5 949.5
Total assets 9,655.2 128.1 9,783.3 8,959.3 121.3 9,080.6
Current liabilities
Payables (237.4) (68.4) (305.8) (235.5) (67.4) (302.9)
Tax (0.4) - (0.4) (0.7) - (0.7)
Borrowings (29.4) - (29.4) - (40.2) (40.2)
(267.2) (68.4) (335.6) (236.2) (107.6) (343.8)
Non-current liabilities
Borrowings (3,496.8) (45.3) (3,542.1) (3,028.1) - (3,028.1)
Deferred tax (0.5) - (0.5) (0.5) - (0.5)
Obligations under finance leases (39.2) (9.4) (48.6) (32.5) (9.4) (41.9)
Payables (90.2) (5.0) (95.2) (75.7) (4.3) (80.0)
(3,626.7) (59.7) (3,686.4) (3,136.8) (13.7) (3,150.5)
Total liabilities (3,893.9) (128.1) (4,022.0) (3,373.0) (121.3) (3,494.3)
Net assets 5,761.3 - 5,761.3 5,586.3 - 5,586.3
Table 12: Proportionally consolidated net debt analysis
As at 30 June 2016
30 June 2016 31 December 2015
Reported Share of Total Reported Share of Total
Group Property interests £m Group Property interests £m
£m £m £m £m
Notes A B C A B C
Cash at bank 173.3 37.6 210.9 36.9 32.6 69.5
Short-term deposits 0.2 0.7 0.9 0.1 0.9 1.0
Cash and deposits 173.5 38.3 211.8 37.0 33.5 70.5
Current borrowings including currency swaps (29.4) - (29.4) 30.0 (40.2) (10.2)
Non-current borrowings (3,496.8) (45.3) (3,542.1) (3,028.1) - (3,028.1)
Net debt (3,352.7) (7.0) (3,359.7) (2,961.1) (6.7) (2,967.8)
Currency profile
Sterling (955.1) 25.6 (929.5) (420.4) 29.2 (391.2)
Euro (2,405.3) (32.6) (2,437.9) (2,547.7) (35.9) (2,583.6)
US Dollar 7.7 - 7.7 7.0 - 7.0
Net debt (3,352.7) (7.0) (3,359.7) (2,961.1) (6.7) (2,967.8)
Table 13: Proportionally consolidated net underlying finance costs
For the six months ended 30 June 2016
Six months ended 30 June 2016 Six months ended 30 June 2015
Reported Share of Property interests Total Reported Share of Total
Group £m £m Group Property £m
£m £m interests
£m
Notes A B C A B C
Finance costs 59.7 1.3 61.0 48.4 1.2 49.6
Finance income (6.6) (12.7) (19.3) (7.6) - (7.6)
Adjusted finance costs/(income) 53.1 (11.4) 41.7 40.8 1.2 42.0
Capitalised interest 2.3 - 2.3 2.8 - 2.8
Net underlying finance costs/(income) 55.4 (11.4) 44.0 43.6 1.2 44.8
SHARE OF PROPERTY INTERESTS
The Group's share of Property interests reflects the Group's share of Property joint ventures as shown in note 9 to the
accounts on pages 35 and 36 and the Group's interest in Nicetoile, which is accounted for as an associate, included within
note 10 to the accounts on pages 37 and 38.
Table 14: Income statement
Aggregated Property interests income statements
Six months ended 30 June 2016 Six months ended 30 June 2015
Property joint ventures Nicetoile Share of Property interests Property joint ventures Nicetoile Share of
£m £m £m £m £m Property interests
£m
Gross rental income 65.1 0.8 65.9 62.3 0.6 62.9
Net rental income 54.4 0.7 55.1 53.4 0.5 53.9
Administration expenses (0.2) - (0.2) (0.1) - (0.1)
Operating profit before other net gains/(losses) 54.2 0.7 54.9 53.3 0.5 53.8
Revaluation (losses)/gains on properties (7.7) 0.1 (7.6) 63.2 (0.2) 63.0
Operating profit 46.5 0.8 47.3 116.5 0.3 116.8
Change in fair value of derivatives 0.6 - 0.6 0.6 - 0.6
Other finance income/(costs) 11.4 - 11.4 (1.2) - (1.2)
Net finance income/(costs) 12.0 - 12.0 (0.6) - (0.6)
Profit before tax 58.5 0.8 59.3 115.9 0.3 116.2
Current tax charge (0.2) - (0.2) - - -
Profit for the period 58.3 0.8 59.1 115.9 0.3 116.2
Table 15: Balance sheet
Aggregated Property interests balance sheets
30 June 2016 31 December 2015
Property joint ventures Nicetoile Share of Property interests Property joint ventures Nicetoile Share of
£m £m £m £m £m Property interests
£m
Non-current assets
Investment and development properties 2,477.0 26.4 2,503.4 2,455.1 23.3 2,478.4
Interests in leasehold properties 9.4 - 9.4 9.4 - 9.4
Other non-current assets 0.1 - 0.1 - - -
2,486.5 26.4 2,512.9 2,464.5 23.3 2,487.8
Current assets
Other current assets 805.6 0.4 806.0 726.8 0.2 727.0
Cash and deposits 37.5 0.8 38.3 32.4 1.1 33.5
843.1 1.2 844.3 759.2 1.3 760.5
Total assets 3,329.6 27.6 3,357.2 3,223.7 24.6 3,248.3
Current liabilities
Other payables (68.0) (0.4) (68.4) (67.2) (0.2) (67.4)
Borrowings - - - (40.2) - (40.2)
(68.0) (0.4) (68.4) (107.4) (0.2) (107.6)
Non-current liabilities
Borrowings (45.3) - (45.3) - - -
Obligations under finance leases (9.4) - (9.4) (9.4) - (9.4)
Other payables (4.8) (0.2) (5.0) (4.1) (0.2) (4.3)
(59.5) (0.2) (59.7) (13.5) (0.2) (13.7)
Total liabilities (127.5) (0.6) (128.1) (120.9) (0.4) (121.3)
Net assets 3,202.1 27.0 3,229.1 3,102.8 24.2 3,127.0
Glossary
Adjusted figures (per share) Reported amounts adjusted in accordance with EPRA guidelines to exclude certain items as set out in note 7 to the accounts.
Anchor store A major store, usually a department, variety or DIY store or supermarket, occupying a large unit within a shopping centre or retail park, which serves as a draw to other retailers and consumers.
Average cost of borrowing or weighted average interest rate (WAIR) The cost of finance expressed as a percentage of the weighted average of borrowings during the period.
BCSC British Council of Shopping Centres. A not-for-profit professional body supporting the retail property industry which undertakes research and lobbies government on behalf of its members.
BREEAM Building Research Establishment's Environmental Assessment Method.
Capital return The change in property value during the period after taking account of capital expenditure and exchange translation movements, calculated on a monthly time-weighted basis.
Compulsory Purchase Order (CPO) A Compulsory Purchase Order is a legal function in the UK by which land or property can be obtained to enable a development or infrastructure scheme without the consent of the owner where there is a "compelling case in the public interest".
Cost ratio (or EPRA cost ratio) Total operating costs (being property costs, administration costs less management fees) as a percentage of gross rental income, after rents payable. Both operating costs and gross rental income are adjusted for costs associated with inclusive leases.
CPI Consumer Price Index. A measure of inflation based on the weighted average of prices of consumer goods and services.
Dividend cover Adjusted earnings per share divided by dividend per share.
Earnings per share (EPS) Profit for the period attributable to equity shareholders divided by the average number of shares in issue during the period.
EBITDA Earnings before interest, tax, depreciation and amortisation.
EPRA The European Public Real Estate Association, a real estate industry body. This organisation has issued Best Practice Recommendations with the intention of improving the transparency, comparability and relevance of the published results of listed real estate companies in Europe.
Equivalent yield (true and nominal) The capitalisation rate applied to future cash flows to calculate the gross property value. The cash flows reflect the timing of future rents resulting from lettings, lease renewals and rent reviews based on current ERVs. The true equivalent yield (TEY) assumes rents are received quarterly in advance. The nominal equivalent yield (NEY) assumes rents are received annually in arrears. The property true and nominal equivalent yields are
determined by the Group's external valuers.
ERV The estimated market rental value of the total lettable space in a property calculated by the Group's external valuers. It is calculated after deducting head and equity rents, and car parking and commercialisation running costs.
Gearing Net debt expressed as a percentage of equity shareholders' funds.
Gross property value or Gross asset value (GAV) Property value before deduction of purchasers' costs, as provided by the Group's external valuers.
Gross rental income (GRI) Income from rents, car parks and commercial income, after accounting for the net effect of the amortisation of lease incentives.
IAS/IFRS International Accounting Standard/International Financial Reporting Standard.
Inclusive lease A lease, often for a short period of time, under which the rent is inclusive of costs such as service charge, rates, utilities etc. Instead, the landlord incurs these costs as part of the overall commercial arrangement.
Income return The income derived from a property as a percentage of the property value, taking account of capital expenditure and exchange translation movements, calculated on a time-weighted basis.
Initial yield (or Net initial yield (NIY)) Annual cash rents receivable (net of head and equity rents and the cost of vacancy, and, in the case of France, net of an allowance for costs of approximately 5%, primarily for management fees), as a percentage of gross property value, as provided by the Group's external valuers. Rents receivable following the expiry of rent-free periods are not included. Rent reviews are assumed to have been settled at the contractual review date at ERV.
Interest cover Net rental income divided by net cost of finance before exceptional finance costs, capitalised interest and change in fair
- More to follow, for following part double click ID:nRSY0551FfRecent news on Hammerson
See all newsREG - Hammerson PLC - Transaction in Own Shares
AnnouncementREG - Hammerson PLC - Transaction in Own Shares
AnnouncementREG - Hammerson PLC - Brent Cross, Trading and Guidance Update
AnnouncementREG - Hammerson PLC - Total Voting Rights
AnnouncementREG - Hammerson PLC - Transaction in Own Shares
Announcement