Hammerson’s 2026 divestments hit $100 million at premium to book value

Hammerson plc, a major British property development and investment company, has taken its total non-core asset disposals for 2026 to £75 million ($100.3 million), achieving a substantial premium to book value, as it accelerates capital recycling into high-conviction assets.

The latest tranche, including the acquisition of the remaining 50% stake in Dublin’s Ilac Centre, announced on July 8, 2026, includes £69 million ($92.21 million) in non-core asset sales spanning multiple central Dublin holdings and an additional non-core investment. These follow the company’s earlier Leeds disposal completed in January strengthening its footprint in Ireland’s retail property market.

Unlocking value through strategic exits

Hammerson sold the central Dublin assets to Transport Infrastructure Ireland, supporting the development of the city’s planned Metrolink rail system, a key urban mobility project.

The company has, however, retained selected Dublin holdings, preserving optionality for future development, partnerships, and long-term value creation in the Irish capital.

The disposals form part of Hammerson’s broader strategy to streamline its portfolio, focusing on dominant retail and mixed-use destinations while exiting non-core assets at attractive valuations.

Capital recycling and Ilac consolidation

Proceeds from the sales are being redeployed in line with Hammerson’s capital allocation priorities, including strengthening its balance sheet and reinvesting in core assets and new opportunities offering compelling returns.

A key outcome of this strategy is the acquisition of the remaining 50% stake in the Ilac Centre in Dublin. The transaction gives Hammerson full ownership of the landmark city-centre retail destination, positioning it to drive operational improvements and long-term growth.

Focused strategy on flagship assets

Chief Executive Officer Rob Wilkinson said the transactions highlight the company’s disciplined approach to value creation.

“These transactions are further testament to our focus on driving value from development activity and non-core disposals while recycling capital into JV buyouts,” Wilkinson said. “In Ireland, it shows us committing to what we do best—investing in schemes that are exceptional hubs for brands and experiences that meet the needs of our customers, the community and Dublin at large.”

With a primary listing on the London Stock Exchange and secondary listings in Johannesburg and Dublin, Hammerson continues to reposition its portfolio toward dominant retail and mixed-use destinations across key European markets.

As the company deepens its presence in Ireland, full control of the Ilac Centre is expected to play a central role in its strategy to enhance asset performance, attract leading brands, and deliver long-term value.