REG - Hammerson PLC - Refinancing of secured loan on Dundrum Town Centre

HammersonAnnouncement

14/08/2024 07:00

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RNS Number : 3295A  Hammerson PLC  14 August 2024

Hammerson plc

14 August 2024

 

Hammerson and PIMCO Prime Real Estate complete refinancing of secured loan on
Dundrum Town Centre

 

Hammerson plc ("Hammerson") today announces that together with PIMCO Prime
Real Estate, it has arranged a EUR350 million non-recourse term loan of up to
seven-years (Hammerson's share EUR175 million) secured on Ireland's leading
retail, leisure and lifestyle destination, Dundrum Town Centre ("Dundrum")
with lenders Rothesay, BNP Paribas and Deka.

 

To secure best pricing and flexibility, Hammerson and its JV partner Allianz
funded a total EUR220 million at equal share, from existing cash in the JV and
new equity, which together with the new facility, will be used to refinance
the existing net EUR570 million(1) facility maturing in September 2024. The
new term-loan is repayable on or before the maturity in September 2031 at an
all-in interest cost expected to be c.5.5%. Hammerson's reported LTV at 30
June will be unchanged and average maturity extends from 2.2 to 2.9 years.

 

Dundrum is located in the affluent and densely populated southern Dublin
catchment. Recent investment to re-anchor and reposition the destination has
seen the introduction of high-profile international brands, market-first
occupiers and new uses including leisure, entertainment and workspace; driving
footfall and sales year-on-year. Dundrum today offers over 150 brands
including restaurants, a 12-screen cinema and 3,400 car park spaces. The
125,000 m2 destination is 95% occupied and generates total passing rent of
circa EUR62 million per annum.

 

Dundrum was recently rated A++ by Green Street, putting it amongst a handful
of super-prime European assets that carry this rating and the only asset in
Ireland.

 

Eastdil acted as lead arrangers and PIMCO Prime Real Estate acted on behalf of
Allianz, Hammerson's 50/50 joint venture partner on Dundrum.  Rothesay, BNP
Paribas, London Branch and Deka acted as mandated lead arrangers, bookrunners
and lenders.

 

 

Hammerson Investor Contact

Josh Warren, Hammerson, Director of Strategy, Commercial Finance &
Investor Relations

T: +44 20 7887 1053    E: josh.warren@hammerson.com
(mailto:josh.warren@hammerson.com)

 

Richard Sharp, Director of Treasury, Tax and Insurance

T : +44 20 7887 1119   E : richard.sharp@hammerson.com
(mailto:richard.sharp@hammerson.com)

 

Q4 for Hammerson (media, Ireland)

Glen McGahern

T: +353 (86) 194 0057 E: Glen@q4pr.ie (mailto:Glen@q4pr.ie)

Jackie Gallagher

T: +353 (87) 237 1838  E: jackie@q4pr.ie (mailto:jackie@q4pr.ie)

 

 

 

 

 

 1  Outstanding facility of EUR600 million less EUR30 million secured cash
held against the loan.

 

 

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

 

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