Hammerson offloads £1.5bn stake in Bicester Village owner Value Retail

Eloise Hill
Hammerson
NewsProperty

Property developer Hammerson has sold its stake in Value Retail, the owner of Bicester Village shopping centre, to Silver Bidco Limited for £1.5bn.

Hammerson said it would earn around £600m from the deal with the newly formed company, which was established by affiliates of private equity firm L Catterton.

It added that the sale, which is expected to complete in the second half of this year, would allow the group to focus on its unique prime urban real estate, reduce debt, reinvest in higher yielding opportunities, and return capital to shareholders.

Related Story

Hammerson initially explored a sale of its almost 40% holding in Value Retail in November.

The property firm’s CEO Rita-Rose Gagné said: “This is a transformational deal for Hammerson, generating cash proceeds of c.£600m whilst removing an overweight, low yielding and minority stake, and positioning us for growth and value creation.

“The disposal focuses our portfolio on prime urban real estate with a capital structure set for growth and significant capacity to advance our strategy in higher yielding opportunities, whilst enhancing returns to shareholders.”

Click here to sign up to Retail Gazette‘s free daily email newsletter

NewsProperty

Leave a Reply

Your email address will not be published. Required fields are marked *

Fill out this field
Fill out this field
Please enter a valid email address.

NewsProperty
Eloise Hill

Share:

Hammerson offloads £1.5bn stake in Bicester Village owner Value Retail

Hammerson

Property developer Hammerson has sold its stake in Value Retail, the owner of Bicester Village shopping centre, to Silver Bidco Limited for £1.5bn.

Hammerson said it would earn around £600m from the deal with the newly formed company, which was established by affiliates of private equity firm L Catterton.

It added that the sale, which is expected to complete in the second half of this year, would allow the group to focus on its unique prime urban real estate, reduce debt, reinvest in higher yielding opportunities, and return capital to shareholders.

Related Story

Hammerson initially explored a sale of its almost 40% holding in Value Retail in November.

The property firm’s CEO Rita-Rose Gagné said: “This is a transformational deal for Hammerson, generating cash proceeds of c.£600m whilst removing an overweight, low yielding and minority stake, and positioning us for growth and value creation.

“The disposal focuses our portfolio on prime urban real estate with a capital structure set for growth and significant capacity to advance our strategy in higher yielding opportunities, whilst enhancing returns to shareholders.”

Click here to sign up to Retail Gazette‘s free daily email newsletter

Social

LinkedIn
RSS


SUBSCRIBE TO OUR DAILY NEWSLETTER

  • This field is for validation purposes and should be left unchanged.

Most Read

Most Read

NewsProperty

Leave a Reply

Your email address will not be published. Required fields are marked *

Fill out this field
Fill out this field
Please enter a valid email address.

RELATED STORIES

Hammerson

Former John Lewis Birmingham store to be converted to ‘wellbeing-designed’ offices

20/03/2023 x 10:51 AM
Hammerson

Hammerson leasing remains strong as Brits return to stores

11/11/2022 x 2:59 PM
JD Sports

JD Sports to open new 27,500sq ft store in Birmingham’s Bullring centre

07/09/2022 x 9:52 AM
Hammerson

Hammerson offloads Silverburn shopping centre in £140m deal

17/03/2022 x 10:39 AM
Hammerson

Hammerson remains in red with £429m loss

08/03/2022 x 7:27 AM
Britain to re-introduce tax free shopping for overseas visitors

Hammerson finalises £120m sale of Leeds shopping malls

28/02/2022 x 12:10 PM
Hammerson

Hammerson confirms talks for potential sale of Leeds shopping centres for £120m

21/02/2022 x 12:17 PM
Department stores Historic England

Former Leicester Debenhams store to be converted into 305 flats

27/01/2022 x 10:51 AM
Amazon

Amazon poaches Hammerson leasing boss to roll out Fresh stores

17/01/2022 x 8:03 AM
Glasgow

Hammerson sells share in Silverburn shopping centre for £140m

15/12/2021 x 5:35 PM
Hammerson Silverburn

Hammerson considering £140m sale of Silverburn shopping centre

29/11/2021 x 9:39 AM
Hammerson

Hammerson to axe jobs as part of cost cutting strategy

11/10/2021 x 7:27 AM
Hammerson in talks to sell Croydon JV stake to Westfield owner

Westfield Croydon plans crumble

18/08/2021 x 9:07 AM
Hammerson warns no more rent holidays for retail tenants

Hammerson warns no more rent holidays for retail tenants

15/07/2021 x 9:26 AM
Hammerson

Hammerson hires management consultants to oversee group strategy

28/05/2021 x 8:20 AM
Hammerson Harry Badham

Hammerson hires new chief development officer

22/04/2021 x 10:37 AM
Hammerson offloads retail parks portfolio for £330m

Hammerson agrees sale of retail parks portfolio for £330m

21/04/2021 x 2:28 PM
Hammerson Rita-Rose Gagné

Hammerson collects less than half of rent due as new finance boss joins

20/04/2021 x 8:57 AM
Hammerson Mark Bourgeois

Hammerson to slash rents as it “shares the pain” with retailers

19/04/2021 x 2:44 PM
Hammerson VIA Outlets Brookfield Bullring Rita-Rose Gagne

Hammerson to sell retail parks to Canadian firm for £350m

11/04/2021 x 12:11 PM

Most Read

Latest Feature

Interview: How Palmer’s 20-year logistics partnership is fuelling its European expansion

Palmer’s may be one of the most familiar names on the bathroom shelf, but behind the cocoa butter bottles is a surprisingly small UK operation. ET Browne UK, which distributes the American family-owned skincare brand, has grown its sales while keeping its core team to fewer than 20 people. Now, as a new Tahitian Vanilla range brings younger shoppers to the brand and the company looks to expand further into Europe, the pressure is falling on the supply chain to keep up.

Palmer’s may be one of the most familiar names on the bathroom shelf, but behind the cocoa butter bottles is a surprisingly small UK operation.

ET Browne UK, which distributes the American family-owned skincare brand, has grown its sales while keeping its core team to fewer than 20 people.

Now, as a new Tahitian Vanilla range brings younger shoppers to the brand and the company looks to expand further into Europe, the pressure is falling on the supply chain to keep up.

Read More


Menu



Please enter the verification code sent to your email: