Last checked at 23 Apr 2020 13:00
Hammerson plc
23 April 2020
This announcement contains inside information
Update on disposal of retail parks portfolio
On 21 February 2020, Hammerson plc ("Hammerson") announced it had exchanged unconditional contracts on the sale of a portfolio of seven retail parks to Orion European Real Estate Fund V ("Orion") (the "Transaction") for a headline price of £400 million.
Under the terms of the unconditional sale and purchase agreement (the "SPA"), Hammerson and Orion are required to complete the Transaction on 23 April 2020.
Despite this, and notwithstanding continued preparation between legal and property teams up until today, Orion has notified Hammerson this morning that it does not intend to complete the Transaction on 23 April as it is obliged to do under the terms of the SPA.
Hammerson remains ready and able to comply with its completion obligations under the SPA, and is in dialogue with its counterparties at Orion. In accordance with the terms of the SPA, if Orion fails to complete on 23 April 2020, Hammerson will serve a notice to complete on Orion specifying that completion must occur by no later than 6 May 2020. If completion does not occur by such date, Hammerson will take steps to terminate the SPA and the £21 million deposit which is currently held in escrow will become immediately due and payable to Hammerson.
The announcement above has also been released on the SENS system of the Johannesburg Stock Exchange.
Investor Contact
Josh Warren, Head of Investor Relations
Tel: +44 20 7887 1053
Josh.Warren@hammerson.com
Press Contacts
Hammerson
Catrin Sharp, Head of Corporate Communications
Tel: +44 20 7887 1063
Catrin.Sharp@hammerson.com
Bryn Woodward, Media Relations Manager
Tel: +44 20 7887 1983
Bryn.Woodward@hammerson.com
FTI Consulting (for Hammerson)
Dido Laurimore
Tel: +44 20 3727 1000
Dido.Laurimore@FTIConsulting.com