Hammerson has completed the £1.5bn sale of its joint venture in Bicester Village to a newly created private equity firm.
The institutional landlord completed the sale to a newly created private equity firm called L Catterton, backed by LVMH.
Hammerson, which also owns shopping centres like the Birmingham Bullring, said the sale will generate £600m in cash, which it will then use to “accelerate growth and unlock value-enhancing opportunities for the company”.
It also said the sale would allow them to “move faster on strategic priorities and enhance returns for shareholders”.
“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,” Hammerson chief executive Rita-Rose Gagné said.
“The disposal immediately deleverages our business and opens up an exciting new era for Hammerson, focused on accelerating growth while maintaining our operational grip and financial discipline.”
Gagné said the deal would help Hammerson build its “growing momentum” and “proven track record over recent years” after focusing more on urban shopping centres and repurposing old department store spaces into mixed-use developments.
The sale of its stake in Bicester Village is the latest in a long line of disposals for the landlord this year, including its 50% stake in the Croydon shopping centre redevelopment to Unibail-Rodamco-Westfield in April 2023.
No comments yet