Hammerson PLC

Regulatory Filings • Nov 19, 2019

National Storage Mechanism | Additional information

You don't have Javascript enabled. For full functionality this page requires javascript to be enabled.

RNS Number : 8126T

Hammerson PLC

19 November 2019

Hammerson plc

19 November 2019

Disposal of St Oswald's Retail Park, Gloucester

Hammerson plc ("Hammerson") has exchanged contracts on the sale of St Oswald's Retail Park, Gloucester, to a local authority for £54m. The sale price reflects a net initial yield of 8.5%, and is 8% below the 30 June 2019 book value.

The 20,900m2 scheme, which is located to the north of Gloucester city centre offers a range of bulky goods, retail and leisure space over two terraces. Flagship tenants include Homesense, B&Q and Wren Kitchens.

Hammerson originally developed the site in 2005, and has since increased the overall number of units on the park to improve the brand mix.

Following this transaction, Hammerson has achieved £577m of disposals in 2019, exceeding its minimum disposal target, of in excess of £500m, for the financial year. This includes the sale of a major stake in its Italie Deux flagship destination in Paris for £423m, announced in July, as well as additional retail park disposals.

David Atkins, Hammerson Chief Executive, said: "Despite a challenging investment market, we are successfully executing disposals in line with our priority to reduce debt and strengthen our balance sheet. These transactions also give us the flexibility to capitalise on the opportunities we see in the market, particularly with regards to our City Quarters pipeline, which is core to the future direction and success of our business."

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

Press Contacts

Hammerson

Catrin Sharp, Head of Corporate Communications

Tel: +44 20 7887 1063

Catrin.sharp@hammerson.com

FTI Consulting (for Hammerson)

Dido Laurimore

Tel: +44 20 3727 1000

Dido.Laurimore@FTIConsulting.com

ENDS

Hammerson

Hammerson create vibrant, continually evolving spaces, in and around thriving European cities, with a focus on flagship retail destinations and Premium Outlets.  As of 30th June 2019, our portfolio of high-quality  venues had a value of £9.5 billion and includes 21 flagship destinations, 12 convenient retail parks and investments in 20 premium outlet villages, through our partnership with Value Retail and the VIA Outlets joint venture. Key retail venues include, Bullring & Grand Central, Birmingham, Bicester Village, Oxfordshire, Freeport Lisboa Fashion Outlet, Lisbon, Dundrum Town Centre, Dublin; and Les Terrasses du Port, Marseille. We manage over 2,000 brand relationships and during trading hours, over 80,000 people visit our shopping centres hourly across our flagship destinations in the UK, France & Ireland.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

DISUWUWRKAAAAAA