Hammerson plc
14
August 2024
Hammerson and PIMCO Prime Real Estate complete refinancing of
secured loan on Dundrum Town Centre
Hammerson plc ("Hammerson") today
announces that together with PIMCO Prime Real Estate, it has
arranged a EUR350 million non-recourse term loan of up to
seven-years (Hammerson's share EUR175 million) secured on Ireland's
leading retail, leisure and lifestyle destination, Dundrum Town
Centre ("Dundrum") with lenders Rothesay, BNP Paribas and
Deka.
To secure best pricing and
flexibility, Hammerson and its JV partner Allianz funded a total
EUR220 million at equal share, from existing cash in the JV and new
equity, which together with the new facility, will be used to
refinance the existing net EUR570 million1 facility
maturing in September 2024. The new term-loan is repayable on or
before the maturity in September 2031 at an all-in interest cost
expected to be c.5.5%. Hammerson's reported LTV at 30 June will be
unchanged and average maturity extends from 2.2 to 2.9
years.
Dundrum is located in the affluent
and densely populated southern Dublin catchment. Recent investment
to re-anchor and reposition the destination has seen the
introduction of high-profile international brands, market-first
occupiers and new uses including leisure, entertainment and
workspace; driving footfall and sales year-on-year. Dundrum today
offers over 150 brands including restaurants, a 12-screen cinema
and 3,400 car park spaces. The 125,000 m2 destination is 95%
occupied and generates total passing rent of circa EUR62 million
per annum.
Dundrum was recently rated A++ by
Green Street, putting it amongst a handful of super-prime European
assets that carry this rating and the only asset in
Ireland.
Eastdil acted as lead arrangers and
PIMCO Prime Real Estate acted on behalf of Allianz, Hammerson's
50/50 joint venture partner on Dundrum. Rothesay, BNP
Paribas, London Branch and Deka acted as mandated lead arrangers,
bookrunners and lenders.
Hammerson Investor Contact
Josh Warren, Hammerson, Director of
Strategy, Commercial Finance & Investor Relations
T: +44 20 7887 1053
E: josh.warren@hammerson.com
Richard Sharp, Director of Treasury,
Tax and Insurance
T : +44 20 7887
1119 E : richard.sharp@hammerson.com
Q4
for Hammerson (media, Ireland)
Glen McGahern
T: +353 (86) 194 0057 E:
Glen@q4pr.ie
Jackie Gallagher
T: +353 (87) 237 1838
E: jackie@q4pr.ie
[1] Outstanding facility of EUR600 million less EUR30 million
secured cash held against the loan.
The announcement above has also been released on the SENS
system of the Johannesburg Stock Exchange and on Euronext
Dublin.