18th Sep 2024 12:45
Hammerson PLC - London-based real estate investment trust owns city-centre shopping centres in the UK and elsewhere - Wraps up the sale of its "non-controlling and yield-dilutive" stake in Value Retail PLC to Silver Bidco Ltd, a company established by certain affiliates of L Catterton. The deal gives Value Retail an enterprise value of GBP1.5 billion and it generates GBP600 million in cash for Hammerson. It has said this sale will lower its debt. Hammerson entered into an agreement to sell Value Retail in July.
Value Retail has nine luxury shopping villages outside Barcelona, Brussels, Dublin, Frankfurt, London, Paris, Madrid, Milan, and Munich. "Three years ago, we promised a turnaround of the business and today's completed disposal means it has now been delivered," Hammerson Chief Executive Officer Rita-Rose Gagne says. "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."
Current stock price in London: 30.14 pence, up 1.2% on Wednesday afternoon
12-month change: up 27%
Current stock price in Johannesburg: ZAR7.00, up 0.3%
12-month change: up 25%
By Artwell Dlamini, Alliance News reporter
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