The company’s improved financial performance has been recognised by credit rating agencies. Credit: Hammerson.

Hammerson, a leading owner and manager of premier shopping destinations, has successfully concluded the sale of its interest in Value Retail to Silver Bidco Limited, a company established by certain affiliates of L Catterton.

The transaction, which generated approximately £600m ($797.26m) in cash proceeds, marks a significant milestone in the company’s strategic transformation.

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The proceeds from the sale will be used to accelerate Hammerson’s growth initiatives, including:

Organic investment: Reinvesting in the company’s existing core portfolio to enhance its value and appeal to shoppers.

Consolidation: Acquiring ownership of key assets and expanding into adjacent markets to strengthen its market position.

Value realisation: Maximising the potential of Hammerson’s strategic land holdings through development or sale.

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The reduced debt burden resulting from the sale will enable the company to move more swiftly on these strategic priorities and deliver improved returns for shareholders.

Hammerson plans to commence a share buyback programme next month, following shareholder approval of the proposed share consolidation and capital reduction.

The company’s strong financial performance has also been recognised by credit rating agencies.

Moody’s recently upgraded Hammerson’s credit rating from Baa3 to Baa2, and Fitch revised its outlook to positive.

Additionally, the secured debt on Dundrum was successfully refinanced, extending Hammerson’s average debt maturity.

“Three years ago, we promised a turnaround of the business and today’s completed disposal means it has now been delivered,” said Rita-Rose, CEO of Hammerson.

“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.”