Hammerson said yesterday that it had sold its 75percent stake in Italie Deux for £423m in a deal with Axa Investment Managers (Axa IM) as it drives down debt. Following the deal, Hammerson’s net debt stands at £3.1bn on a pro forma basis.
Axa IM is a global leader in real asset investments and the leading real estate portfolio and asset manager in Europe.
The latest Italie Deux transaction takes Hammerson’s total disposals in 2019 to £456m of its £500m target for the year, following the sale of £33m of retail park assets in the first half of the financial year.
David Atkins, Hammerson chief executive, releasing the firm's results for the six months to June 30 yesterday, said: "The UK retail landscape is undoubtedly challenging, and traditional high street fashion is under pressure. However, our focus on shifting our line-up towards categories with greater customer appeal and rental growth potential has resulted in more than 90percent of new leasing to leading consumer and F&B brands. The company swung to a loss of £319.8m from a profit of £55.7m the prior year. On an adjusted basis profits were 10.5 percent lower to £107.4m. Net rental income slid 12.3percent to £156.6m.