HAMMERSON PLC - Hammerson disposes of retail parks portfolio

Hammerson disposes of retail parks portfolio

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

21 April 2021


THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

Hammerson disposes of retail parks portfolio


Hammerson has exchanged unconditional contracts on the portfolio sale of its seven retail park
assets to Brookfield for £330m cash proceeds, representing an 8% discount to the 31
December 2020 book value of £357m. This transaction concludes Hammerson’s exit from the UK
retail parks sector.

As previously announced, Hammerson has also recently disposed of Brent South Shopping Park
(£22m at Hammerson share) and its minority interests in Nicetoile and Espace Saint Quentin for
£73m, these were in line with 31 December 2020 valuations. The transaction announced today
takes the total gross proceeds of Hammerson’s disposals in 2021 to £403m at an average discount
to 31 December 2020 valuations of 6%.

The proceeds of these disposals will further strengthen the balance sheet, reducing net debt, which
was £2.2bn at 31 December 2020, and increasing liquidity, which stood at £1.7bn at the same date.

Rita-Rose Gagné, Chief Executive of Hammerson, said: “As highlighted at the full year results, our
immediate priority is to strengthen the balance sheet. This latest disposal is a positive step.
Alongside this, we continue to focus on delivering operationally. We have successfully welcomed
back our customers in England to our flagship venues, with footfall levels well above the June 2020
reopening, and look forward to reopening our other destinations as local restrictions allow over the
coming months.”


Details on the retail parks portfolio disposal
The portfolio comprises 205,000m² of space across the following retail parks:
                                                                                                  
    -   Central Retail Park (Falkirk)
    -   Cleveland Retail Park (Middlesbrough)
    -   Cyfarthfa Retail Park (Merthyr Tydfil)
    -   Elliott's Field Shopping Park (Rugby)
    -   Telford Forge Shopping Park (Telford)
    -   Ravenhead Retail Park (St Helens)
    -   The Orchard Centre (Didcot)


The total sale price of this portfolio transaction represents a net initial yield of 8.6%. Completion
of the transaction is expected by the end of May.



Hammerson has its primary listing on the London Stock Exchange and secondary inward listings on
the Johannesburg Stock Exchange and Euronext Dublin.

Sponsor: Investec Bank Limited


ENDS

Enquiries

Hammerson Investor Contact
Josh Warren, Hammerson, Head of 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)
Dido Laurimore
T: +44 20 3727 1000       E: Dido.Laurimore@FTIConsulting.com


Notes to editors

Hammerson
Hammerson creates vibrant, continually evolving spaces, in and around thriving European cities, with a
focus on flagship retail destinations and premium outlets. As at 31 December 2020, our portfolio of
high-quality venues had a value of £6.3 billion and included 20 flagship destinations in thriving cities
and investments in nine premium outlet villages through our partnership with Value Retail. Key retail
venues include Bullring & Grand Central, Birmingham, Bicester Village, Oxfordshire, Dundrum Town
Centre, Dublin, and Les Terrasses du Port, Marseille.




                                                                                                   

Date: 21-04-2021 02:23:00
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