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
exchange1 of an unconditional contract for the sale of
Union Square, a 52,000m2 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.
1after 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