Disposal of Imperial and Fife Central Retail Parks
Hammerson plc
23 July 2018
Disposal of Imperial Retail Park, Bristol and Fife Central Retail Park, Kirkcaldy
Hammerson plc ("Hammerson") has exchanged contracts for the sale of two retail parks, Imperial Retail Park, Bristol and Fife Central Retail Park, Kirkcaldy, for a total consideration of £164m to Capreon. This transaction brings Hammerson's total proceeds from disposals in 2018 to £300m.
Imperial Retail Park, acquired in 2012 as part of the Junction portfolio, covers a total of 32,200m2 and is the largest retail and leisure destination in South Bristol. The scheme is anchored by B&Q, The Range, HomeSense, M&S Foodhall, Next and Boots, and is currently 97% let.
Fife Central Retail Park, acquired in 2005, covers a total of 30,200m2, is 95% let and anchored by B&Q, Sainsbury's, M&S Simply Food and Next. Hammerson has actively managed the scheme during its ownership, delivering an extension and implementing key asset management initiatives, including repurposing space formerly occupied by Homebase to create a further four new retail units and two restaurants.
The total sale price represents a net initial yield of 7%, and a discount of approximately 10% to the December 2017 book value.
David Atkins, CEO Hammerson, commented: "We continue to see opportunities to dispose of selected assets in order to better deploy capital on behalf of our shareholders. With £300m of sales achieved this year, we are already over half-way to reaching our planned disposal target for 2018. We look forward to providing a further update on disposals and capital deployment tomorrow when we report our half year results."
ENDS
For further information:
David Atkins, CEO
020 7887 1000
Rebecca Patton, Head of Investor Relations
020 7887 1109
Note: the announcement above has also been released on the SENS system of the Johannesburg Stock Exchange.
Notes to Editors
Hammerson is an owner, manager and developer of retail destinations in Europe. Our portfolio of high-quality retail property has a value of around £10.6 billion and includes 22 prime shopping centres, 15 convenient retail parks and investments in 20 premium outlet villages, through our partnership with Value Retail and the VIA Outlets joint venture. Key investments include Bullring, Birmingham; Bicester Village, Oxfordshire; Dundrum Town Centre, Dublin; and Les Terrasses du Port, Marseille.
About Capreon
Capreon is a partner-owned, real estate investment, management and advisory firm, borne out of more than 40 years of family investment in the market. Capreon operates throughout Europe and Israel with over £2bn in assets under management. Capreon is the real estate business of the Noé Group.
Capreon's assets are comprised of a broad range of traditional and alternative property asset classes, such as logistics, data centres, retail parks, shopping centres, office buildings, warehousing and industrial real estate.
For media enquiries regarding Capreon/ Noé Group, please contact:
Chris Wilson, The PR Office
020 7284 6969
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