NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION,
IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO
SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH
JURISDICTION
FOR IMMEDIATE RELEASE
18 September 2024
Hammerson plc
("Hammerson" or the
"Company/Group")
Hammerson completes Value Retail
Disposal enabling acceleration of growth strategy
Following the announcement on 22 July 2024,
Hammerson announces that it has today successfully completed the
disposal of its interest in Value Retail to Silver Bidco Limited, a
company established by certain affiliates of L Catterton (the "Disposal").
This transformational Disposal generates
c.£600m of cash proceeds, enabling a step-change in the Company's
ability to accelerate growth and unlock value-enhancing
opportunities, including through:
· Organic
investment in the Group's core portfolio;
· Consolidation of
ownership in core assets and adjacent markets;
· Accelerating
value realisation from the Group's strategic land.
The immediate deleveraging effect of the
Disposal allows the Company to move faster on these strategic
priorities and enhance returns for shareholders. Approval by
shareholders last week of the Company's proposed share
consolidation and capital reduction facilitates the planned share
buyback programme, which is expected to commence in October 2024. A
further announcement regarding the buyback will be made in due
course.
Last month, the Group's investment grade credit
rating was upgraded by Moody's from Baa3 to Baa2, while Fitch
updated its outlook to positive. The secured debt on Dundrum was
also successfully refinanced, extending Hammerson's average debt
maturity.
Rita-Rose, CEO
of Hammerson plc, commented:
"This is a
significant moment for Hammerson. Three years ago, we promised a
turnaround of the business and today's completed Disposal means it
has now been delivered. The Disposal immediately deleverages our
business and opens up an exciting new era for Hammerson, focused on
accelerating growth whilst maintaining our operational grip and
financial discipline. Encouraged by a strong operational
performance over summer, I am excited that we are now firmly on the
front foot and ready to build on our growing momentum and proven
track record over recent years."
Further
information
There has been no material change affecting any
matter contained in the announcement relating to the Disposal
released by the Company on 22 July 2024.
For more information on the Disposal, the use
of the Disposal proceeds and the background to and reasons for the
Disposal, as well as ancillary corporate actions (being the share
consolidation and capital reduction) to be undertaken by the
Company, as approved by shareholders at the General Meeting of the
Company held on 12 September 2024, please see the announcements
released by the Company on 22 July 2024 and 12 September
2024.
ENDS
Hammerson
plc
Investor &
Media Contact
Josh Warren, Hammerson, Director of Strategy,
Commercial Finance and Investor Relations
|
+44 (0)20 7887 1053
|
MHP for
Hammerson
Oliver Hughes
Ollie Hoare
|
+44 (0)7885 224 532
+44 (0)7817 458 804
|
The
announcement above has also been released on the SENS system of the
Johannesburg Stock Exchange and on Euronext
Dublin.