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Disposal of non-core assets
Hammerson plc ("Hammerson" or the "Company")
(Incorporated in England and Wales)
(Company number 360632)
LSE and Euronext Dublin share code: HMSO JSE share code: HMN
ISIN: GB00BK7YQK64
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.
Hammerson has its primary listing on the London Stock Exchange and secondary inward listings on the
Johannesburg Stock Exchange and Euronext Dublin.
15 December 2021
Sponsor: Investec Bank Limited
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
Date: 15-12-2021 09:00:00
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