// Hammerson drafts in management consultants McKinsey & Company to “assist with strategy”
// Hammerson recently launched a real estate sustainability-linked bond of £600m
// Last year, Hammerson witnessed the largest decline in net rental income and UK asset values
Hammerson has reportedly hired management consultants McKinsey & Company to advise on its ongoing strategic review.
The property giant’s new chief executive Rita-Rose Gagné appointed the management consultant firm to “assist with the group’s strategy”, Property Week reported.
The appointment comes after shopping centre owners across the country face the effects of the Covid-19 pandemic.
Hammerson recently launched a real estate sustainability-linked bond of €700 million (£600 million) in a move to shift the profile of its existing debt.
“The linking of the bond to our sustainability targets brings a stronger alignment between our financial and sustainability goals,” Hammerson chief financial officer Himanshu Raja said.
Last month, Hammerson completed its exit from the retail park sector after it exchanged contracts with Brookfield to sell a portfolio of seven retail parks for £330 million.
Hammerson said: “We announced in March a strategic review of the business would be undertaken, and it is not uncommon to enlist external support in a process such as this.”
Gagné is expected to update investors on the progress of her strategic review of the business in early August.
Last year, Hammerson witnessed the largest decline in net rental income and UK asset values after it plunged 49 per cent to £157.6 million due to the restructuring of tenant deals.
The group also posted a 29 per cent fall in the value of its net assets.