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Hammerson has announced the disposal of a number of its non-core assets, including its share in Glasgow’s Silverburn shopping centre.
Hammerson said it has agreed the unconditional contract for the sale of Silverburn, a 100,000m2 shopping centre near Glasgow, from 50/50 joint venture partners Hammerson and Canada Pension Plan Investment Board, to entities affiliated with Henderson Park and Eurofund, for a sum of £140m.
Hammerson added this represents a 4% discount to 30 June 2021 book value of £147m, and a net initial yield of 9.3%. The transaction is expected to complete in Q1 2022, and a deposit of £40m is currently being held in escrow.
It also revealed another five assets were sold totalling £22m representing a collection of non-strategic commercial and retail assets which were sold at a premium to 30 June 2021 book values.
Hammerson said the proceeds of these disposals will “further strengthen the balance sheet by reducing net debt, ahead of reinvestment in flagship assets for growth”.
Together with minority stake disposals of French and UK assets (£73m) and the UK Retail Parks portfolio (£330m) sold in the first half of the year, these new transactions take Hammerson’s total gross proceeds from sales in 2021 to £495m.
