Key Developments: Hammerson PLC (HMSO.L)

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Latest Key Developments (Source: Significant Developments)

Hammerson Plc And Westfield Group Sign Joint Venture For GBP1 Billion Croydon Town Centre Regeneration
Thursday, 17 Jan 2013 02:00am EST 

Hammerson plc and Westfield Group announced that they have entered into a joint venture to redevelop the retail centre of Croydon. As part of the joint venture, Westfield has acquired a 50% interest in the GBP115 million Centrale shopping centre from Hammerson. The joint venture will also purchase a 25% interest in the Whitgift Centre, following completion of Hammerson's conditional acquisition agreement with Royal London. Under the new joint venture agreement, Westfield and Hammerson intend to redevelop and combine the two main Croydon shopping centres, the Whitgift Centre and Centrale, to deliver a comprehensive and transformational change to Croydon. The mixed use scheme of around 200,000 m2 will include retail, leisure, residential with the potential for hotels and offices, and will create over 5,000 new jobs. It is anticipated that planning consent could be secured in 2013, with construction expected to start on site in 2015. Westfield and Hammerson have set up a joint management company which has responsibility for development, leasing and asset management of the completed scheme. The Partnership will engage Westfield to undertake the design and construction of the project. Hammerson will continue to asset manage Centrale and any further acquisitions prior to the development of the Whitgift Centre. A Westfield Executive will lead the project development team and it is intended that a Hammerson Executive will lead the asset management of the completed centre.  Full Article

Hammerson PLC Announces Retirement of John Nelson as Chairman
Monday, 14 Jan 2013 02:00am EST 

Hammerson PLC announced that John Nelson will retire as Chairman of the company at its AGM on May 9, 2013. David Tyler will join the Board with immediate effect, and succeed John Nelson as Chairman immediately after the AGM.  Full Article

Hammerson PLC Acquires The Junction Unit Trust
Friday, 19 Oct 2012 04:55am EDT 

Hammerson PLC announced that it has acquired The Junction Unit Trust from its several unit holders for GBP254.5 million. Summary of the company assets are 4 prominent retail parks in strong catchment areas , Well-let to a diverse mix of high-quality tenants , Average lease length of 11 years , Low average current rents of c. GBP18 per square foot , High proportion (68%) of open A1 consent, allowing Hammerson to increase underlying rents through asset management , Current annual passing rent of GBP18 million which is due to rise to GBP20 million over five years through contracted rental uplifts , 34,000m2 (365,000ft2) of consented development opportunities and 17 ha (46 acres) of additional development land which offer the opportunity to further enhance returns  Full Article

Hammerson plc 's Subsidiaries Announce Acquisition Of Capital & Regional PLC's 13.43% Interest In The Junction Fund
Friday, 19 Oct 2012 04:40am EDT 

Capital & Regional PLC announced that subsidiaries of Hammerson plc have acquired The Junction Fund, in which the Group had a 13.43% interest. The headline price for the properties in the transaction, prior to deductions for rent frees and certain capital expenditure commitments, is GBP259.5 million (100% of the Fund), or GBP34.85 million for the Group's share. The Junction Fund is a specialist retail park fund, owning four retail parks and two separate development sites, which were valued at GBP266.7 million at September 30 , 2012. Capital & Regional was the property and asset manager for the Fund and this role has been terminated as a consequence of the transaction. Morgan Stanley & Co Ltd acted as financial advisor, and Cushman & Wakefield and Wilkinson Williams acted as property advisors to the Junction Fund investors in respect of this transaction.  Full Article

Hammerson PLC Announces Disposal Of 10 Gresham Street, London EC2
Monday, 1 Oct 2012 02:00am EDT 

Hammerson PLC announced that it has exchanged contracts for the sale of its office property at 10 Gresham Street, London EC2, for a total consideration of GBP200 million, representing an initial yield of 5.25%. Hammerson's share of the proceeds will be GBP60 million.  Full Article

BRIEF-Hammerson sells take in Grosvenor street office for 54 mln stg

* Has completed sale of its 50% stake in its last remaining office asset, 10 grosvenor street in mayfair, w1 london, to its joint venture partner grosvenor fund management's london office fund for £54 million.

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