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Update on disposal of retail parks portfolio
Hammerson plc
(Incorporated in England and Wales)
(Company number 360632)
LSE share code: HMSO JSE share code: HMN
ISIN: GB0004065016
(“Hammerson” or “the Company”)
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.
Hammerson has its primary listing on the London Stock Exchange and a secondary
inward listing on the Johannesburg Stock Exchange.
Sponsor:
Investec Bank Limited
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
Date: 23-04-2020 02:00:00
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