LONDON, UK: Hammerson Plc 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.£360m 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 9.4×2.