Property Flash


UK and European mall owner, Hammerson has completed the disposal of its 25% stake in Italie Deux, a 62,000m2 shopping centre in central Paris, and 100% of the 6,500m2 Italik extension, also in Paris
for €164m in cash to Ingka Centres via a “simultaneous exchange and completion”. This represents a 4% discount to 31 December 2022 book value and a net equivalent yield of 5.0%.

Hammerson’s management is trying to simplify its portfolio. The proceeds will strengthen the balance sheet and reduce net debt. Together with the £195m of disposals completed in 2022, the Group has generated total proceeds of circa £360m against the company’s commitment of £500m of disposals by the end of 2023. On a pro forma basis and including other disposals, the company’s headline loan-to-value improves to 36%.

Hammerson has its primary listing on the London Stock Exchange and secondary inward listings on the Johannesburg Stock Exchange and Euronext Dublin. It owns the Bulring shopping centre in Birmingham, Brent Cross Shopping, The Oracle in Reading among other retail cetres.

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