REG - Hammerson PLC - Bond Pricing, Guidance & Operational Update

HammersonAnnouncement

Thu 07:00

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RNS Number : 6390C  Hammerson PLC  09 October 2025

Hammerson plc

("Hammerson" or the "Company")

 

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STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT")) OR IN OR
INTO ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR
DISTRIBUTE THIS ANNOUNCEMENT.

9 October 2025

Bond Pricing, Guidance & Operational Update

Successful pricing of 6.5-year EUR350m bond on back of strong operational
momentum

Hammerson announces the pricing of a EUR350m bond with a maturity of 6.5
years, priced at 110 basis points over euro mid-swaps with an annual coupon of
3.5 per cent (the "New Bonds"). The issuance was over five times covered at
peak.

The New Bonds represent the first stage of the early refinancing of the
Group's EUR700m 1.75% Sustainability-Linked bonds maturing in June 2027.

The successful issuance follows last week's upgrade by Fitch on our senior
unsecured debt rating to A- and the Long-Term Issuer Rating to BBB+, while
Moody's revised our Baa2 rating to a Positive Outlook.

Updated Guidance

As a result of the earlier issuance of our EUR350m New Bonds, we now expect
FY25 earnings to be around £101m.

Strong Operational Momentum

Strong support from the credit markets reflects Hammerson's operational
performance, with momentum continuing throughout the key summer months (June
to August) across all geographies. Highlights include:

·      UK footfall increased 6% year-on-year, representing an extra 1.3
million customer visits during the summer period, while our two French
destinations were up 5% year-on-year, and Dundrum was up 3% - all ahead of
national benchmarks

·      Standout UK performances include the Bullring (+12%), The Oracle
(+9%) and Cabot Circus (+5%) - all benefitting from repositioning works and
new openings

·      Strong footfall growth drove strong year-on-year sales for our
brand partners, with like-for-like sales growth in the UK up 4% over the
summer period and 2.4% for the Group

·      Leasing demand for prime space is strong, with 71 long-term deals
exchanged over the same period, representing £10m p.a. of headline rent (at
100%)

·      Long-term lease agreements were signed 29% ahead of previous
passing rent and 15% ahead of ERV on a net effective basis; the UK delivered
our strongest performance at 22% over ERV

Rita-Rose Gagné, CEO of Hammerson plc, commented:

"We are delighted with the high levels of demand for our bond issue, a
testament to the strength and success of our strategic delivery. We continue
to invest in destination repositioning and leasing to drive returns while our
JV buyouts have enabled us to take full control of our assets and grow income.
Demand for our prime space is robust, as evidenced by the operational
performance we drove over the summer. Momentum is continuing into September
and October and we have a strong pipeline ahead."

 

Enquiries

Hammerson Contacts

Richard Sharp, Director of Treasury and Insurance
Tel: + 44 (0) 207 887 1119 E:richard.sharp@hammerson.com

 

Josh Warren, Director of Group Performance and Investor Relations
T: +44 (0) 20 7887 1053 E: josh.warren@hammerson.com

Tom Gough, Head of Communications
T: +44 (0) 20 7887 1092 E: tom.gough@hammerson.com

MHP for Hammerson Media
Oliver Hughes, Ollie Hoare and Charles Hirst

T: +44 (0) 7817 458 804 E: Hammerson@mhpgroup.com

 

 

Additional Bond Information

The ("New Bonds"), which will be issued on 15 October 2025, are subject to
final legal documentation and customary closing conditions

The New Bonds have been issued under Hammerson's EMTN programme established
last year. The prospectus dated 15 April 2025 published by the Company
relating  to the EMTN programme of the Company (the "Prospectus") and the
supplementary prospectus dated 4 September 2025 published by the Company
relating to the EMTN programme of the Company (the "Supplementary Prospectus")
are available on Hammerson's website at
(www.hammerson.com/investors/shareholder-information/debt-investors) and
available to the public for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanismon
(https://data.fca.org.uk/#/nsm/nationalstoragemechanismon) .

Hammerson has ratings of BBB+ (issuer default rating) and senior unsecured
debt rating at A- from Fitch Ratings Limited ("Fitch") and Baa2 (long term
debt) from Moody's Investors Services Limited ("Moody's"). The Bonds are
expected to be assigned an A- rating by Fitch and a Baa2 rating by Moody's.

IMPORTANT DISCLAIMER: This announcement does not constitute or form part of an
offer to sell or  the solicitation of an offer to sell or subscribe for or
otherwise acquire any securities (including, without limitation, the New
Bonds). Any investment decision to purchase any New Bonds should be made
solely on the basis of the information contained in (i) the Prospectus, (ii)
the Supplementary Prospectus and (iii) the final terms to be published by the
Company relating to the New Bonds, and no reliance is to be placed on any
information given or any representations made in connection with the New Bonds
other than those contained in the Prospectus as supplemented by the
Supplementary Prospectus and the final terms to be published by the Company
relating to the New Bonds. This announcement is an advertisement and is not a
prospectus for the purposes of Regulation (EU) 2017/1129 as it forms part of
domestic law by virtue of the European Union (Withdrawal) Act 2018. The
Prospectus is available, and the final terms will, when published, be
available on the website of the Issuer at
https://www.hammerson.com/investors/debt-investors
(https://www.hammerson.com/investors/debt-investors) .

The New Bonds are not being, and will not be, offered or sold in the United
States. Nothing in this announcement constitutes an offer to sell or the
solicitation of an offer to buy the New Bonds in the United States or any
other jurisdiction. Securities may not be offered, sold or delivered in the
United States absent registration under, or an exemption from the registration
requirements of, the Securities Act. The New Bonds have not been, and will not
be, registered under the Securities Act or the securities laws of any state or
other jurisdiction of the United States and may not be offered, sold or
delivered, directly or indirectly, within the United States or to, or for the
account or benefit of, U.S. persons (as defined in Regulation S under the
Securities Act).

No action has been or will be taken in any jurisdiction in relation to the New
Bonds to permit a public offering of securities.

This announcement is directed only at (i) persons who are outside the United
Kingdom (the "UK"), or (ii) persons who are in the UK who are (a) persons who
have professional experience in matters relating to investments falling within
Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (the "Order") or (b) otherwise, persons to whom this
announcement may lawfully be communicated pursuant to the Order (all such
persons together being referred to as "relevant persons"). This announcement
is directed only at relevant persons and must not be acted on or relied on by
persons who are not relevant persons. Any investment or investment activity to
which this announcement relates is available only to relevant persons and will
be engaged in only with relevant persons. This electronic transmission may
only be communicated to persons in the UK in circumstances where section 21(1)
of the Financial Services and Markets Act 2000 does not apply to the Issuer.

Credit ratings referred to in this communication should not be taken as
recommendations by a rating agency to buy, sell or hold the New Bonds. They
may be revised, suspended or withdrawn at any time by the relevant rating
agency.

Compliance information for the New Bonds:

UK MiFIR - professionals/ECPs-only / No PRIIPs or UK PRIIPs KID - Manufacturer
target market is eligible counterparties and professional clients only (all
distribution channels). No key information document (KID) under Regulation
(EU) No 1286/2014 or Regulation (EU) No 1286/2014 as it forms part of the
domestic law of the United Kingdom by virtue of the European Union
(Withdrawal) Act 2018 has been or will be prepared as the New Bonds are not
available to retail investors in the European Economic Area or the United
Kingdom. Relevant stabilisation regulations including FCA/ICMA will apply.

For further information contact:

 

Richard Crowle

Deputy Company Secretary

Tel: +44 (0)20 7887 1000

 

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

 

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