Hammerson sells stake in Bicester Village for £1.5bn
A further announcement regarding the buyback will be made in due course
Property firm Hammerson has announced that it has sold off its stake in Bicester Village for £1.5bn to Silver Bidco, a company established by certain affiliates of L Catterton.
The news comes after Hammerson announced it had entered into a binding agreement for the disposal of Bicester Village to Silver Bidco on 22 July 2024.
Hammerson stated that the sale enables a step-change in the company’s ability to “accelerate growth and unlock value-enhancing opportunities”, including through making organic investment in the group’s core portfolio, consolidating ownership in core assets and adjacent markets, and accelerating value realisation from its strategic land.
Approval by shareholders last week of Hammerson’s proposed share consolidation and capital reduction facilitates the planned share buyback programme, which is expected to commence in October 2024.
It confirmed a further announcement regarding the buyback will be made in due course.
Rita-Rose, CEO of Hammerson, added: “This is a significant moment for Hammerson. Three years ago, we promised a turnaround of the business and today’s completed Disposal means it has now been delivered.
“The Disposal immediately deleverages our business and opens up an exciting new era for Hammerson, focused on accelerating growth whilst maintaining our operational grip and financial discipline. Encouraged by a strong operational performance over summer, I am excited that we are now firmly on the front foot and ready to build on our growing momentum and proven track record over recent years.”
