Hammerson says it plans to raise about £190 million (reported as the equivalent of R4.23 billion) from the market to fund its acquisition of a 50% stake in Manchester Arndale, described as the UK’s largest city-centre shopping mall outside London. Separate reporting says Hammerson completes the purchase of the stake for £218 million, marking its first major external acquisition in more than a decade as it expands its retail property portfolio.
The deal is reported to value the shopping centre at roughly £436 million in total, based on the consideration for the half stake. The reports also indicate that the transaction is struck at a topped-up net initial yield (details of the yield level are referenced but not fully provided in the excerpt). Together, the sources frame the transaction as a move to support future growth through greater exposure to a large, established retail asset in Manchester.
Hammerson is presented as raising funds and buying the stake, with one outlet highlighting the planned funding amount and another focusing on the completed purchase price and implied enterprise valuation.
