Hammerson : completes sale of 75% stake in Italie Deux

Hammerson completes sale of 75% stake in Italie Deux

Hammerson plc 
(Incorporated in England and Wales)  
(Company number 360632) 
LSE share code: HMSO     JSE share code: HMN 
ISIN: GB0004065016 
('Hammerson' or 'the Company')  
 
Hammerson completes sale of 75% stake in Italie Deux 
 
Hammerson plc ('Hammerson') today announces that, following the clearing of the 
City of Paris pre-emption right, it has completed the sale of the 75% stake in the 
Parisian shopping destination Italie Deux to AXA Investment Managers - Real Assets 
for €430m (£362m)*.  As previously announced in July 2019, the forward sale of 75% 
of the Italik extension for an additional €43m is expected to complete in early 2022, 
18 months after the opening of the development. 
The transaction represented a net initial yield of 4.1% on Italie Deux.  The total sale 
price reflects an 8.5% discount to December 2018 book value and is marginally 
below end of June 2019 book value. 
Italie Deux is located on the left bank of Paris and provides a unique mix of retail, 
leisure and cultural space. Welcoming over 12m visitors a year, leading brands within 
the flagship destination include Printemps, Fnac, Zara, Sephora and Carrefour. A 
1,000-seat theatre, Le 13ème Art, opened in the centre in September 2017, offering 
a new cultural scene in Paris. A partnership has recently been signed with one of the 
main theatres in Paris, le Théâtre de la Ville. 
The proceeds will be used to reduce debt and strengthen the balance sheet. 
*Translated at closing exchange rate on 11 December 2019 of £1:€1.189 
 
Hammerson has its primary listing on the London Stock Exchange and a secondary 
inward listing on the Johannesburg Stock Exchange. 
 
Sponsor: 
Investec Bank Limited 
 
12 December 2019 
 
Press Contacts 
 
Hammerson 
Catrin Sharp, Head of Corporate Communications 
Tel: [phone] 
[e-mail] 
 
FTI Consulting (for Hammerson) 
Dido Laurimore 
Tel: [phone]  
[e-mail] 
Hammerson plc 
(Incorporated in England and Wales)  
 
(Company number 360632) 
ENDS 
LSE share code: HMSO     JSE share code: HMN 
 
ISIN: GB0004065016 
('Hammerson' or 'the Company')  
Hammerson 
 
Hammerson create vibrant, continually evolving spaces, in and around thriving 
Hammerson completes sale of 75% stake in Italie Deux 
European cities, with a focus on flagship retail destinations and Premium Outlets.  As 
 
of 30th June 2019, our portfolio of high-quality  venues had a value of £9.5 billion and 
includes 21 flagship destinations, 12 convenient retail parks and investments in 20 
Hammerson plc ('Hammerson') today announces that, following the clearing of the 
premium outlet villages, through our partnership with Value Retail and the VIA 
City of Paris pre-emption right, it has completed the sale of the 75% stake in the 
Outlets joint venture. Key retail venues include, Bullring & Grand Central, 
Parisian shopping destination Italie Deux to AXA Investment Managers - Real Assets 
Birmingham, Bicester Village, Oxfordshire, Freeport Lisboa Fashion Outlet, Lisbon, 
for €430m (£362m)*.  As previously announced in July 2019, the forward sale of 75% 
Dundrum Town Centre, Dublin; and Les Terrasses du Port, Marseille. We manage over 
of the Italik extension for an additional €43m is expected to complete in early 2022, 
2,000 brand relationships and during trading hours, over 80,000 people visit our 
18 months after the opening of the development. 
shopping centres hourly across our flagship destinations in the UK, France & Ireland. 
The transaction represented a net initial yield of 4.1% on Italie Deux.  The total sale 
price reflects an 8.5% discount to December 2018 book value and is marginally 
below end of June 2019 book value. 
Italie Deux is located on the left bank of Paris and provides a unique mix of retail, 
leisure and cultural space. Welcoming over 12m visitors a year, leading brands within 
the flagship destination include Printemps, Fnac, Zara, Sephora and Carrefour. A 
1,000-seat theatre, Le 13ème Art, opened in the centre in September 2017, offering 
a new cultural scene in Paris. A partnership has recently been signed with one of the 
main theatres in Paris, le Théâtre de la Ville. 
The proceeds will be used to reduce debt and strengthen the balance sheet. 
*Translated at closing exchange rate on 11 December 2019 of £1:€1.189 
 
Hammerson has its primary listing on the London Stock Exchange and a secondary 
inward listing on the Johannesburg Stock Exchange. 
 
Sponsor: 
Investec Bank Limited 
 
12 December 2019 
 
Press Contacts 
 
Hammerson 
Catrin Sharp, Head of Corporate Communications 
Tel: [phone] 
[e-mail] 
 
FTI Consulting (for Hammerson) 
Dido Laurimore 
Tel: [phone]  

Attachments SENS_20191212_S424654.pdf