Story audio is generated using AI
Hammerson has raised £69m (R1.51bn) from the disposal of non-core assets, including central Dublin properties, as the JSE-listed UK-based property group reshapes its portfolio by recycling capital into larger strategic retail assets.The disposals bring Hammerson’s non-core asset sales this year to £75m, including the final Leeds sale in January. The assets were sold at a substantial premium to book value, the company said on Wednesday.The Dublin properties were acquired by Transport Infrastructure Ireland to make way for the city’s planned Metrolink rail project, while Hammerson retained other strategic holdings in the Irish capital that could be developed or partnered with over time.“Proceeds from the sales are being used to strengthen the balance sheet and fund investments in assets where the group sees stronger long-term growth prospects. That includes the recent acquisition of the remaining 50% stake in Ilac shopping centre, giving Hammerson full ownership of the Dublin city-centre retail destination,” the group said. CEO Rob Wilkinson said the disposals reflected the group’s focus on extracting value from development opportunities before reinvesting the proceeds.“These transactions are further testament to our focus on driving value from development activity and non-core disposals while recycling capital into JV buyouts,” he said.He said taking full ownership of Ilac reinforced the group’s long-term commitment to the Irish market.“In Ireland, it shows us committing to what we do best — investing in schemes that are exceptional hubs for brands and experiences that meet the needs of our customers, the community and Dublin at large,“ Wilkinson said. Earlier this year, Hammerson said the UK’s retail recovery was gathering momentum, with net rental income and footfall growing faster than market benchmarks. The group attributed the improvement to retailers increasingly adopting omnichannel strategies that integrate physical stores with online platforms, supporting stronger trading performance across its portfolio.Hammerson invests in and manages prime retail-led city destinations in the UK, France and Ireland.Business Day
