Hammerson completes disposal of stake in Bicester Village owner
Hammerson has completed the disposal of its interest in Value Retail, the owner of outlet centres including Bicester Village.
The real estate investment trust has sold its 40% stake to affiliates of banking company L Catteron, generating around £600m of cash proceeds.
Hammerson said the proceeds from the sale will be used to invest in its core portfolio, consolidate ownership in core assets and adjacent markets, and accelerate value realised from its strategic land.
As well as Bicester Village, Value Retail also operates around a dozen outlet centres across China, as well as centres in cities including Barcelona, Frankfurt, Madrid, and Milan.
Rita-Rose, CEO of Hammerson plc, said: “This is a significant moment for Hammerson. Three years ago, we promised a turnaround of the business and today’s completed Disposal means it has now been delivered. The Disposal immediately deleverages our business and opens up an exciting new era for Hammerson, focused on accelerating growth whilst maintaining our operational grip and financial discipline. Encouraged by a strong operational performance over summer, I am excited that we are now firmly on the front foot and ready to build on our growing momentum and proven track record over recent years.”