Hammerson takes full ownership at Reading’s Oracle with £104.5m acquisition
Hammerson has acquired full control of The Oracle, Reading, after purchasing the remaining interest from its joint venture partner, a subsidiary of the Abu Dhabi Investment Authority, for £104.5m.
The real estate investment trust said this purchase price reflects a yield of 8.9%.
Under Hammerson’s part-ownership, The Oracle has undergone investment over the last few years including the repurposing of the former House of Fraser store to introduce Tk Maxx and Hollywood Bowl to the scheme.
In addition, the centre has secured a flurry of additional leasing deals, including flagship store upsizes with Zara and Apple, both due to open next year, and renewals with the likes of L’Occitane and Space NK.
Hammerson said it has exchanged 30 deals at The Oracle in the year-to-date, representing £4.5m of headline rent, or around £21m of rent contracted to first break.
The group added that it believes there is additional opportunities to unlock further value, including the former Debenhams and existing cinema block around the riverside, where it is exploring retail, F&B, leisure and build-to-rent options.
Rita-Rose Gagné, CEO of Hammerson, said: “We have seized the opportunity to gain full control of The Oracle, an asset in transition, to capture the growth opportunities ahead. This represents our fourth JV buyout in a little over a year, as we continue to act decisively and execute our growth strategy at pace.
“Our recent investments at The Oracle have driven an uplift in footfall, sales and leasing with the recent openings of TK Maxx and Hollywood Bowl. We expect a further boost from the opening of flagship stores for Zara and Apple in early 2026. There is more to come.”