Enhanced Investments - Financial Portal

Sale of Union Square concludes Group’s £500m non-core disposal programme

Published: 2024-02-26 10:00:35 ET

Hammerson plc
(Incorporated in England and Wales)
(Company number 360632)
LSE and Euronext Dublin share code: HMSO       JSE share code: HMN
ISIN: GB00BK7YQK64
(“Hammerson” or “the Company”)


Sale of Union Square concludes Group’s £500m non-core disposal programme

Hammerson today announces the exchange1 of an uncondi�onal contract for the sale of Union
Square, a 52,000m2 shopping centre in Aberdeen, to an aﬃliate² of Lone Star Real Estate Fund VI, L.P.
for £111m cash considera�on. Comple�on is expected to occur in Q1 2024.

This represents an 8% discount to 31 December 2023 book value of £121m and a net ini�al yield of
11%.

The proceeds of this disposal will further strengthen the balance sheet by reducing net debt and
provide addi�onal capacity for reinvestment into the core por�olio.

As part of Hammerson’s strategic re-alignment of its por�olio, the sale of Union Square concludes
the £500m non-core disposal programme, as outlined at the start of 2022.

1
 after market close on 23 February 2024
² LSREF VI Dee Bidco Limited

ENDS

Hammerson Investor Contact
Josh Warren, Hammerson, Director of Strategy & Investor Rela�ons
T: +44 20 7887 1053 E: josh.warren@hammerson.com

Hammerson Media Contacts
Natalie Gunson, Hammerson, Group Director of Corporate Communica�ons
T: +44 20 7887 4672 E: Natalie.Gunson@hammerson.com

MHP for Hammerson
Ollie Hoare and Charles Hirst
T: +44 (0)20 3128 8100 E: Hammerson@mhpgroup.com

Hammerson has its primary listing on the London Stock Exchange and secondary inward listings on
the Johannesburg Stock Exchange and Euronext Dublin.

26 February 2024

Sponsor: Investec Bank Limited

Enhanced Investments, Inc.
329 South Oyster Bay Road #2085
Plainview, NY 11803
team@eninvs.com

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All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.