Update on disposal of retail parks portfolio

RNS Number : 0396M

Hammerson PLC

06 May 2020

 

Hammerson plc

6 May 2020

This announcement contains inside information

Update on disposal of retail parks portfolio

On 23 April 2020, Hammerson plc ("Hammerson") announced that Orion European Real Estate Fund V ("Orion") had notified the company that it did not intend to complete on the sale of a portfolio of seven retail parks (the "Transaction"), despite exchanging unconditional contracts on 20 February 2020.

In accordance with the terms of the SPA, Hammerson served notice to complete on Orion specifying that completion must occur by no later than 6 May 2020. Following close of business on 5 May 2020, Orion notified Hammerson that it had resolved not to complete on the 6 May 2020. Hammerson will now terminate the SPA and access the £21 million deposit which has been held in escrow by its solicitors.

The announcement above has also been released on the SENS system of the Johannesburg Stock Exchange.

Investor Contact

Josh Warren, Head of Investor Relations

Tel: [phone]

[e-mail]

Press Contacts

Hammerson

Catrin Sharp, Head of Corporate Communications

Tel: [phone]

[e-mail]

Bryn Woodward, Media Relations Manager

Tel: [phone]

[e-mail]

FTI Consulting (for Hammerson)

Dido Laurimore

Tel: [phone]

[e-mail]

 

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