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Hammerson offloads stake in Value Retail, plans £140m buyback
(Sharecast News) - Shopping centre owner Hammerson said it had sold its interest in Value Retail to consumer-focused investment firm L Catterton for an enterprise value of £1.5bn and also announced a £140m share buyback along with a one-for-10 shar consolidation.
Hammerson, which held 42% of Value Retail, will receive net cash proceeds of £600m from the sale, of which £350m will be reinvested into core projects and £95m to reduce debt.
"This is a transformational deal for Hammerson, generating cash proceeds ... whilst removing an overweight, low yielding and minority stake, and positioning us for accelerated growth and value creation," said chief executive Rita-Rose Gagné.
"The disposal focuses our portfolio on prime urban real estate with a transformed capital structure and the capacity and capability to advance our strategy in higher yielding opportunities with stronger returns, whilst enhancing returns to shareholders."
Reporting by Frank Prenesti for Sharecast.com
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