Hammerson, owner of upmarket UK city retail destinations with a secondary JSE listing, plans to sell its Value Retail division to Silver Bidco, a new company established by affiliates of L Catterton for 600 million R14.1 billion cash.
The sale of Hammerson's overweight, non-controlling and yield-dilutive interest in Value Retail at a 1.5 billion enterprise value and for 600m would be a clean exit from a complex structure at a good price, Hammerson said in a statement yesterday.
Value Retail comprises a portfolio of nine upmarket Village centres in Italy, Greece, Spain, France, Belgium, and the UK.
This is a transformational deal for Hammerson, generating cash proceeds of 600m while removing an overweight, low-yielding and minority stake, and positioning us for accelerated growth and value creation, CEO Rita-Rose Gagn said in a statement.
The deal represented an unlock value from 42 of Hammersons total portfolio, she said.
