Hammerson has completed the disposal of its 25% stake in Italie Deux, a 62,000m² shopping centre in central Paris, and 100% of the 6,500m² Italik extension for cash consideration of €164m to Ingka Centres via a simultaneous exchange and completion. This represents a 4% discount to 31 December 2022 book value and a net equivalent yield of 5%.
The exit marks the continued progress in the simplification of the company's portfolio. The proceeds will further strengthen the balance sheet and reduce net debt. Together with the €221.7m (£195m) of disposals completed in 2022, the group has generated total proceeds of circa €409m (£360m) against the company's commitment of €568.5m (£500m) of disposals by the end of 2023.
