Hammerson plc ("Hammerson" or the "Company")
3 April 2023
Disposal of Italie Deux and Italik
Hammerson announces that it 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 for cash consideration of €164m 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%1.
The exit marks the continued progress in the simplification of the Company's portfolio. The proceeds will further strengthen the balance sheet and reduce net debt.
Together with the £195m of disposals completed in 2022, the Group has generated total proceeds of c.£360m against the Company's commitment of £500m of disposals by the end of 2023.
On a pro forma basis and including other disposals, headline LTV improves to 36%2, FPC LTV to 45%2, and net debt/EBITDA to 9.4x2.
The announcement above has also been released on the SENS system of the Johannesburg Stock Exchange and Euronext Dublin.
1. Assets combined with passing rent of €7.5m at Hammerson's share.
2. December 2022 LTV 39%, FPC LTV 45%, net debt/EBITDA 10.4x.
ENDS
Enquiries
Hammerson Investor Contact
Josh Warren, Hammerson, Director of Strategy, Investor Relations and Commercial Finance
T: +44 20 7887 1053 E: josh.warren@hammerson.com
Hammerson Media Contacts
Natalie Gunson, Group Communications Director
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T: +44 20 7887 4672 E: natalie.gunson@hammerson.com |
MHP (for Hammerson)
Oliver Hughes
T: +44 7885 224532 E: Hammerson@mhpgroup.com
Ollie Hoare
T: +44 7817 458804 E: Hammerson@mhpgroup.com
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