Last checked at 26 Feb 2024 07:00
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