Archive | Hammerson

World property Fri29Nov13 – $NZ2 billion Croydon green light, new $A567 million reit

Westfield-Hammerson $NZ2 billion Croydon redevelopment wins double approval
GDI launches prospectus for $A567 million reit

Westfield-Hammerson $NZ2 billion Croydon redevelopment wins double approval

Westfield Group and Hammerson plc’s £1 billion (now slightly over $NZ2 billion) retail redevelopment of Croydon’s town centre, 15km south of central London, won double approval this week.

On Monday, the borough council granted planning permission to the Croydon Partnership’s outline planning application to redevelop the Whitgift Centre into a 140,000m² retail & leisure destination and build 600 homes, an important step towards the companies’ plans to regenerate the whole town centre.

The site forms part of the Croydon opportunity area, which has a vision to create up to 10,000 new homes & 7500 jobs and improve local transport infrastructure.

Overnight, the mayor of London, Boris Johnson, also gave his required approval.

Links: Westfield
Hammerson
Pinsent Masons legal news, project detail

GDI launches prospectus for $A567 million reit

The Sydney-based GDI Property Group Ltd launched a prospectus this week to raise $A567.6 million for a new listed real estate investment trust, closing on Tuesday 10 December.

On closure, shares in GDI Property Group will be stapled to units in GDI Property Trust, with the stapled securities listed on the ASX. The group will own 4 multi-leased cbd office buildings located in Perth, Sydney, Adelaide & Brisbane. And will also own the existing syndicates business.

Access to the prospectus isn’t open to New Zealand investors.

Link: GDI Property Group

Background

This page began as Propbd breakfast but was often pushing uphill to make it by afternoon tea. And its content was a lucky dip. Now you know it’s always about world property, it’s daily, and the key words in the rest of the heading are a clue to the individual items.

Attribution: Westfield, Hammerson, Pinsent Masons, GDI

Regular leads: Europe Real Estate, Mingtiandi, Planetizen, World Property Channel

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Hammerson issues debt at 5.25%

Published 14 January 2006


UK property company Hammerson plc announced an issue of £300 million of unsecured 11-year bonds on Friday, paying interest in arrears at 5.25%.



Hammerson will use the proceeds for general corporate purposes, including funding development projects. The bonds will be redeemed in December 2016. The issue’s joint lead managers & bookrunners are HSBC & the Royal Bank of Scotland.


If you want to comment on this story, write to the BD Central Discussion forum or send an email to [email protected].


 


Attribution: Company statement, story written by Bob Dey for this website.

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Hammerson buys freehold on top Paris fashion street at 5% gross

Published 11 December 2005


UK property company Hammerson plc has bought the freehold to a multi-occupant retail, office & residential address on Paris’ top fashion street on a 4.96% initial gross yield.



Hammerson acquired the freehold of 54-60 rue du Faubourg Saint-Honoré from CCPMA Retraite for €56.4 million. The property, in the eighth arrondissement, has 6 blocks of multi-tenanted properties, some of which retain their original 17th & 19th century façades. They contain a total 7000m² – 2500m² retail space on 3 floors, 1100m² of offices & 3400m² of residential accommodation.75% of the €2.8 million/year gross rent comes from retail, primarily Chloé, Comme des Garçons, Fratelli Rossetti & Mont Blanc. Hammerson chief executive John Richards said: “This acquisition demonstrates Hammerson’s commitment to expanding its business in France. Located close to the group’s current successful development at 9 place Vendôme, rue du Faubourg Saint-Honoré is one of the most prestigious streets in Paris for high-fashion retailing. The property offers significant opportunities to add value through active asset management.”


If you want to comment on this story, write to the BD Central Discussion forum or send an email to [email protected].

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Hammerson buys Paris retail park at 5.2%

Published: 31 July 2005


Hammerson plc has agreed to buy Villebon 2, a freehold retail park at south-western Paris suburb Villebon-sur-Yvette, for €150 million, at a 5.2% yield on the €7.8 million current net rent.



Villebon 2 opened in 1988 and has 44 retailers on 40,300 m² of floorspace, 2200 parking spaces, making it one of the largest retail parks in France. Permits have been granted for another 5500 m². It adjoins an Auchan hypermarket with 1200 parking spaces.


The transaction will be completed with the issue of €88 million of Hammerson shares and assumption of €62 million of debt.


Hammerson chief executive John Richards said Villebon 2 was one of the most successful retail park schemes in the Paris region. It’s Hammerson’s first retail park acquisition in France and the company was committed to expanding its business there.


If you want to comment on this story, write to the BD Central Discussion forum or send an email to [email protected].

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Hammerson buys out shopping centre partner at 5.4%

Hammerson plc will take out its partner in a 4-year-old Southampton shopping centre at a 5.4% yield.


Hammerson & Barclays Bank plc developed the 75,900 m² WestQuay centre on a council leasehold site in 2000. Current income is £22 million/year. The bank is selling its 50% for £203 million, including repayment of the bank’s shareholder loan. Hammerson will also assume Barclays’ £20 million share of the joint venture company’s contingent tax liability. Settlement is scheduled for Monday 13 December.


Hammerson said when WestQuay was completed the total development cost was £172 million.


Website: Hammerson

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