Property firm Hammerson has sold its entire interest in Value Retail, including a stake in Kildare Village, to a company owned by US private equity firm L Catterton for £1.5bn, generating £600m in cash for Hammerson.
The deal is seen as beneficial for shareholders as it allows Hammerson to exit a complex structure at an attractive price, unlocking value from 42pc of its total portfolio.
Hammerson’s CEO, Rita-Rose Gagné, described the transaction as transformational, enabling the company to focus on prime urban real estate, reduce debt, and reinvest in higher yielding opportunities for stronger returns, as well as initiating a share buyback of up to £140m.
Kildare Village, which features over 100 boutiques of international fashion and lifestyle brands, will now be owned by L Catterton, a company backed by French luxury powerhouse LVMH.
