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Bond Pricing, Guidance & Operational Update
Hammerson plc
(Incorporated in England and Wales)
(Company number 360632)
LSE and Euronext Dublin share code: HMSO JSE share code: HMN
ISIN: GB00BRJQ8J25
("Hammerson" or the "Company")
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO, OR TO ANY PERSON
LOCATED OR RESIDENT IN, OR AT ANY ADDRESS IN, THE UNITED STATES OF AMERICA, ITS
TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS,
GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS), ANY
STATE OF THE UNITED STATES OF AMERICA OR THE DISTRICT OF COLUMBIA (THE UNITED
STATES) OR TO ANY U.S. PERSON (AS DEFINED IN REGULATION S OF THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT")) OR IN OR INTO ANY
OTHER JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS
ANNOUNCEMENT.
Bond Pricing, Guidance & Operational Update
Successful pricing of 6.5-year EUR350m bond on back of strong operational momentum
9 October 2025
Hammerson announces the pricing of a EUR350m bond with a maturity of 6.5 years, priced at 110 basis
points over euro mid-swaps with an annual coupon of 3.5 per cent (the "New Bonds"). The issuance
was over five times covered at peak.
The New Bonds represent the first stage of the early refinancing of the Group's EUR700m 1.75%
Sustainability-Linked bonds maturing in June 2027.
The successful issuance follows last week's upgrade by Fitch on our senior unsecured debt rating to
A- and the Long-Term Issuer Rating to BBB+, while Moody's revised our Baa2 rating to a Positive
Outlook.
Updated Guidance
As a result of the earlier issuance of our EUR350m New Bonds, we now expect FY25 earnings to be
around £101m.
Strong Operational Momentum
Strong support from the credit markets reflects Hammerson's operational performance, with
momentum continuing throughout the key summer months (June to August) across all geographies.
Highlights include:
- UK footfall increased 6% year-on-year, representing an extra 1.3 million customer visits during
the summer period, while our two French destinations were up 5% year-on-year, and
Dundrum was up 3% - all ahead of national benchmarks
- Standout UK performances include the Bullring (+12%), The Oracle (+9%) and Cabot Circus
(+5%) – all benefitting from repositioning works and new openings
- Strong footfall growth drove strong year-on-year sales for our brand partners, with like-for-like
sales growth in the UK up 4% over the summer period and 2.4% for the Group
- Leasing demand for prime space is strong, with 71 long-term deals exchanged over the same
period, representing £10m p.a. of headline rent (at 100%)
- Long-term lease agreements were signed 29% ahead of previous passing rent and 15%
ahead of ERV on a net effective basis; the UK delivered our strongest performance at 22%
over ERV
Rita-Rose Gagné, CEO of Hammerson plc, commented:
"We are delighted with the high levels of demand for our bond issue, a testament to the strength and
success of our strategic delivery. We continue to invest in destination repositioning and leasing to
drive returns while our JV buyouts have enabled us to take full control of our assets and grow income.
Demand for our prime space is robust, as evidenced by the operational performance we drove over
the summer. Momentum is continuing into September and October and we have a strong pipeline
ahead."
Enquiries
Hammerson Contacts
Richard Sharp, Director of Treasury and Insurance
Tel: + 44 (0) 207 887 1119 E:richard.sharp@hammerson.com
Josh Warren, Director of Group Performance and Investor Relations
T: +44 (0) 20 7887 1053 E: josh.warren@hammerson.com
Tom Gough, Head of Communications
T: +44 (0) 20 7887 1092 E: tom.gough@hammerson.com
MHP for Hammerson Media
Oliver Hughes, Ollie Hoare and Charles Hirst
T: +44 (0) 7817 458 804 E: Hammerson@mhpgroup.com
Additional Bond Information
The ("New Bonds"), which will be issued on 15 October 2025, are subject to final legal
documentation and customary closing conditions
The New Bonds have been issued under Hammerson's EMTN programme established last year. The
prospectus dated 15 April 2025 published by the Company relating to the EMTN programme of the
Company (the "Prospectus") and the supplementary prospectus dated 4 September 2025 published
by the Company relating to the EMTN programme of the Company (the "Supplementary Prospectus")
are available on Hammerson's website at (www.hammerson.com/investors/shareholder-
information/debt-investors) and available to the public for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanismon.
Hammerson has ratings of BBB+ (issuer default rating) and senior unsecured debt rating at A- from
Fitch Ratings Limited ("Fitch") and Baa2 (long term debt) from Moody's Investors Services Limited
("Moody's"). The Bonds are expected to be assigned an A- rating by Fitch and a Baa2 rating by Moody's.
IMPORTANT DISCLAIMER: This announcement does not constitute or form part of an offer to sell or
the solicitation of an offer to sell or subscribe for or otherwise acquire any securities (including, without
limitation, the New Bonds). Any investment decision to purchase any New Bonds should be made solely
on the basis of the information contained in (i) the Prospectus, (ii) the Supplementary Prospectus and
(iii) the final terms to be published by the Company relating to the New Bonds, and no reliance is to be
placed on any information given or any representations made in connection with the New Bonds other
than those contained in the Prospectus as supplemented by the Supplementary Prospectus and the
final terms to be published by the Company relating to the New Bonds. This announcement is an
advertisement and is not a prospectus for the purposes of Regulation (EU) 2017/1129 as it forms part
of domestic law by virtue of the European Union (Withdrawal) Act 2018. The Prospectus is available,
and the final terms will, when published, be available on the website of the Issuer at
https://www.hammerson.com/investors/debt-investors.
The New Bonds are not being, and will not be, offered or sold in the United States. Nothing in this
announcement constitutes an offer to sell or the solicitation of an offer to buy the New Bonds in the
United States or any other jurisdiction. Securities may not be offered, sold or delivered in the United
States absent registration under, or an exemption from the registration requirements of, the Securities
Act. The New Bonds have not been, and will not be, registered under the Securities Act or the securities
laws of any state or other jurisdiction of the United States and may not be offered, sold or delivered,
directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons (as
defined in Regulation S under the Securities Act).
No action has been or will be taken in any jurisdiction in relation to the New Bonds to permit a public
offering of securities.
This announcement is directed only at (i) persons who are outside the United Kingdom (the "UK"), or
(ii) persons who are in the UK who are (a) persons who have professional experience in matters relating
to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (the "Order") or (b) otherwise, persons to whom this announcement may lawfully
be communicated pursuant to the Order (all such persons together being referred to as "relevant
persons"). This announcement is directed only at relevant persons and must not be acted on or relied
on by persons who are not relevant persons. Any investment or investment activity to which this
announcement relates is available only to relevant persons and will be engaged in only with relevant
persons. This electronic transmission may only be communicated to persons in the UK in circumstances
where section 21(1) of the Financial Services and Markets Act 2000 does not apply to the Issuer.
Credit ratings referred to in this communication should not be taken as recommendations by a rating
agency to buy, sell or hold the New Bonds. They may be revised, suspended or withdrawn at any time
by the relevant rating agency.
Compliance information for the New Bonds:
UK MiFIR – professionals/ECPs-only / No PRIIPs or UK PRIIPs KID – Manufacturer target market is
eligible counterparties and professional clients only (all distribution channels). No key information
document (KID) under Regulation (EU) No 1286/2014 or Regulation (EU) No 1286/2014 as it forms part
of the domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018 has
been or will be prepared as the New Bonds are not available to retail investors in the European
Economic Area or the United Kingdom. Relevant stabilisation regulations including FCA/ICMA will apply.
For further information contact:
Richard Crowle
Deputy Company Secretary
Tel: +44 (0)20 7887 1000
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
Date: 09-10-2025 08:00:00
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