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Hammerson PLC up 4.5% on Bicester Village sale and £140m windfall

Published 22/07/2024, 09:30
Hammerson PLC up 4.5% on Bicester Village sale and £140m windfall

Hammerson PLC up 4.5% on Bicester Village sale and £140m windfall

HMSO
0.29%

Proactive Investors - Shares in Hammerson PLC (LON:HMSO) rose 4.5% in early trading following the announcement of the £1.5 billion sale of its interest in Value Retail, the company behind Bicester Village in Oxfordshire.

The sale to private equity firm L Catterton, backed by LVMH (EPA:LVMH) Moet Hennessy Louis Vuitton, will generate around £600 million in cash proceeds for Hammerson. This move aims to simplify the London-listed property group's portfolio and enhance returns by focusing on prime urban real estate.

CEO Rita-Rose Gagné described the deal as transformational, stating it allows the company to reduce debt, invest in higher-yield assets, and return up to £140 million to shareholders through a buyback, pending approval.

The company has been restructuring its portfolio, selling several assets across Europe and the UK to strengthen its balance sheet, including the recent sale of Union Square (NYSE:SQ) in Aberdeen for £111 million.

The stock jumped 1.3p to 30.34p.

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