26 Feb 2024 07:00
Hammerson plc ("Hammerson" or the "Company")
Â
26 February 2024
Â
Sale of Union Square concludes Group's £500m non-core disposal programme
Â
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.
Â
This represents an 8% discount to 31 December 2023 book value of £121m and a net initial yield of 11%.
Â
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.
Â
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.
Â
1after market close on 23 February 2024
² LSREF VI Dee Bidco Limited
Â
ENDS
Â
Hammerson Investor Contact
Josh Warren, Hammerson, Director of Strategy & Investor Relations
T: +44 20 7887 1053 E:Â josh.warren@hammerson.com
Â
Hammerson Media Contacts
Natalie Gunson, Hammerson, Group Director of Corporate Communications
T: +44 20 7887 4672 E: Natalie.Gunson@hammerson.com
Â
MHP for Hammerson
Ollie Hoare and Charles Hirst
T: +44 (0)20 3128 8100 E: Hammerson@mhpgroup.com
Â
This announcement has also been released on the SENS system of the Johannesburg Stock Exchange and on Euronext Dublin
Â
Â
Â
Â
Â