25th Jul 2005 15:26
Hammerson PLC25 July 2005 For immediate release - Monday, 25 July 2005 Hammerson plc Acquires Retail Park in France-------------------------------------------- Hammerson plc has agreed to acquire Villebon 2, a freehold retail park nearParis, at a total cost of £104 million (€150 million). The property has acurrent annual net rental income of £5.4 million (€7.8 million). Villebon 2, which opened in 1988, provides 40,300 m(2) (433,800 ft(2)) of retailaccommodation and 2,200 car parking spaces. The scheme, which adjoins an Auchanhypermarket with 1,200 car parking spaces, has 44 retailers, including PC City,Animalis, Tati, Toys'R'Us, Aubert, Casa and Darty, making it one of the largestretail parks in France. In addition, Villebon 2 has the required authorizationsand building permits for an extension of approximately 5,500 m(2) (59,200 ft(2))of retail space. The retail park is located in Villebon-sur-Yvette, which is inthe southwest suburbs of Paris, 20 kilometres from the city. The transaction will be effected by Hammerson acquiring the entire share capitalof a private group of companies owned by Mr P Rochemont, Mrs R Soubai, Mr P deMargerie and Vendomiena. Hammerson will issue 7,071,967 New Ordinary Shares tothe vendors as consideration, which represents 2.5% of Hammerson's currentissued share capital. Based on a share price of 858p, the shares issued have avalue of £61 million (€88 million). Hammerson has also assumed approximately £43million (€62 million) of debt and other net liabilities in the acquiredcompanies. The New Ordinary Shares will be credited as fully paid and will rank pari passuin all respects with the existing ordinary shares of 25p each in the capital ofHammerson. A condition of the acquisition is that the New Ordinary Shares beadmitted to the Official List maintained by the United Kingdom ListingAuthority, and to be admitted to trading by the London Stock Exchange, andaccordingly such application will be made together with an application for theNew Ordinary Shares to be admitted to trading by Euronext Paris. It is expectedthat the listing and admission of the New Ordinary Shares in London will becomeeffective on Wednesday, 27 July 2005. John Richards, Chief Executive of Hammerson, commented: " We are committed to expanding our business in France and this transactionrepresents Hammerson's first retail park acquisition in the country. Villebon 2is one of the most successful retail park schemes in the Paris region. It has anexcellent retail line up and offers significant opportunities to add valuethrough an extension and by active asset management." For further information: John Richards, Chief Executive Tel: 020 7887 1000 Chris Smith, Director of Corporate Affairs Tel: 020 7887 1019 [email protected] This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Hammerson