29th Sep 2015 06:19
LONDON (Alliance News) - Property developer Hammerson PLC on Tuesday said it and joint venture partner Allianz Real Estate have signed an agreement with the National Asset Management Agency in Ireland to acquire the Project Jewel loan portfolio.
The portfolio is being acquired by the joint venture for EUR1.85 billion, with Hammerson to pay EUR1.23 billion of the consideration, and is secured against a series of real-estate assets based in Dublin, including Dundrum Town Centre.
The portfolio has been acquired at a blended initial yield of 4.0%, and Hammerson said it expects the deal to be immediately accretive to its earnings per share. It will be funded by a combination of existing financial resources, an acceleration of Hammerson's current disposal programme and by a future capital markets issuance.
"This agreement provides Hammerson with exposure to a significant new platform of high quality, well-let retail property as well as strategically located development opportunities in Ireland, Europe's fastest growing economy," said Hammerson Chief Executive David Atkins.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Hammerson