Completion of Italie Deux and Italik disposal

Hammerson today announces that it has completed the disposal of its 25% stake in Italie Deux, a 62,000m2 shopping centre in central Paris, and 100% of the 6,500m2 Italik extension for cash consideration of €164m to Ingka Centres via a simultaneous exchange and completion. This represents a 4% discount to 31 December 2022 book value and a net equivalent yield of 5.0% (1).

The exit marks the continued progress in the simplification of the Company’s portfolio. The proceeds will further strengthen the balance sheet and reduce net debt. 

Together with the £195m of disposals completed in 2022, the Group has generated total proceeds of c.£340m against the Company’s commitment of £500m of disposals by the end of 2023. 

On a pro forma basis and including other disposals, headline LTV improves to 36% (2), FPC LTV to 45% (2), and net debt/EBITDA to 9.4x (2). 

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

1.    Assets combined with passing rent of €7.5m at Hammerson’s share.
2.    December 2022 LTV 39%, FPC LTV 47%, net debt/EBITDA 10.4x.

ENDS