Disposal of non-core assets

Hammerson plc ("Hammerson" or the "Company")

 15 December 2021

 Disposal of non-core assets

Hammerson today announces it has exchanged or completed sales of six non-core assets for total gross cash proceeds of £92m since the half year. This is in line with the Company's strategy of reducing debt, simplifying the portfolio and generating capital for redeployment.

The largest constituent is the exchange after market close on 14 December 2021 of an unconditional contract for the sale of Silverburn, a 100,000m2 shopping centre near Glasgow, from 50/50 joint venture partners Hammerson and Canada Pension Plan Investment Board, to entities affiliated with Henderson Park and Eurofund1, for £140m cash proceeds2. This represents a 4% discount to 30 June 2021 book value of £147m, and a net initial yield of 9.3%. The transaction is expected to complete in Q1 2022, and a deposit of £40m is currently being held in escrow.

The other five assets sold totalling £22m represent a collection of non-strategic commercial and retail assets which were sold at a premium to 30 June 2021 book values.

The proceeds of these disposals will further strengthen the balance sheet by reducing net debt, ahead of reinvestment in flagship assets for growth.

Together with minority stake disposals of French and UK assets (£73m) and the UK Retail Parks portfolio (£330m) sold in the first half of the year, the transactions announced today take Hammerson's total gross proceeds from sales in 2021 to £495m.

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

1 HPREF II Silverburn Investments LP and HPREF II UK General Partner Limited

2 £70m at Hammerson share

ENDS

Enquiries

Hammerson Investor Contact

Josh Warren, Hammerson, Director of Strategy & Investor Relations

T: +44 20 7887 1053 E: josh.warren@hammerson.com

Hammerson Media Contacts

Catrin Sharp, Head of Corporate Communications

T: +44 20 7887 1063 E: catrin.sharp@hammerson.com

FTI Consulting (for Hammerson)

John Waples

Tel: +44 20 3727 1000 E: john.waples@fticonsulting.com

Dido Laurimore

T: +44 20 3727 1000 E: Dido.Laurimore@FTIConsulting.com