Key facts
- Hammerson acquired a 50% stake in the Manchester Arndale shopping centre for £218 million.
- This is Hammerson's first major external acquisition in over ten years.
- The company launched a £190 million equity issue to finance the purchase.
- Manchester Arndale attracts over 45 million visitors annually and spans approximately 1.4 million square feet.
- Hammerson reported a 5% growth in like-for-like rental income and a 96% retail occupancy rate.
Hammerson has acquired a 50% stake in the Manchester Arndale shopping centre for £218 million, marking its first significant external acquisition in over a decade. The FTSE 250 property company launched a new £190 million equity issue to fund the deal, with a segment carved out for retail investors via London-based Retailbook.
Hammerson chief executive Rob Wilkinson praised Manchester as one of Europe's most dynamic urban economies, highlighting its strong demographics, connectivity, and the largest retail catchment outside London. He noted that Manchester Arndale attracts over 45 million visitors annually and offers approximately 1.4 million square feet of retail space, reinforcing Hammerson's position in the city.
The company also reported a 5% growth in like-for-like rental income and achieved its highest retail occupancy rate in seven years at 96%. Hammerson upgraded its earnings forecasts following a 3% rise in footfall during the first half of the year. This acquisition follows Hammerson's full control of London's Brent Cross shopping centre last year after a £200 million deal to buy out Aberdeen.