Hammerson acquires majority stake in Brent Cross, boosts guidance

Hammerson PLC (JSE:HMN) has acquired a 95% stake in the abrdn UK Shopping Centre Trust ("SCUT"), increasing its economic interest in Brent Cross to 97%. The net cash consideration was £186m, representing a 16% discount to the destination's book value as of December 31, 2024, with a net initial yield of 8.6%. The acquisition is expected to provide an annualised EBITDA benefit of around £14m. As a result of the Brent Cross acquisition, the company expects total GRI growth in the region of 10% for 2025. Hammerson has redeployed £321m into consolidating control of its assets, at an average destination yield of 8.5%, adding £25m of annualised EBITDA. Hammerson welcomed over 50m visitors so far in 2025 with Group like-for-like sales up +1% for the first quarter. Taking into account the acquisition, disposal of Leeds Eastgate and strong momentum, the company now expects total GRI growth for FY25 to be in the region of 10%, with adjusted earnings of around £95m.