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 £1.5bn 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…