Hammerson completes Brent Cross deal

(Sharecast News) - Hammerson has taken near full control of London shopping centre Brent Cross in a £186m deal, the property group confirmed on Wednesday. The real estate investment trust, which specialises in retail and leisure properties, has acquired 95% of the units in abrdn UK Shopping Centre Trust (SCUT) for a net cash consideration of £186m.

Combined with its existing managing stake, Hammerson's economic interest in Brent Cross now stands at 97%.

The increased stake is expected to provide a £14m annualised benefit to earnings before interest, tax, depreciation and amortisation.

Hammerson has also made an open offer to acquire the remaining SCUT units on the same terms.

Rita-Rose Gagne, chief executive, said: "Brent Cross is an iconic destination with a loyal and strong catchment.

"The acquisition substantially consolidates our control and economic interest, in line with our strategy to recycle capital into our landmark assets at higher yields and more attractive risk-adjusted returns."

As a result, she added, the firm now expected total GRI growth in the region of 10% for 2025, putting it on track to meet guidance for annual adjusted earnings of around £95m. Group like-for-like sales were up 1% in the first quarter, following a strong March.

Gagne said: "We have welcomed over 50m visitors to our destinations so far in 2025 and have had an excellent start to the year across all aspects of our business.

"We've continued to execute our growth strategy and delivered strong operational momentum."

Peel Hunt, which has an 'add' recommendation on the stock, said: "Leasing progress has remained robust, with £15.5m of headline rent secured, both comfortably ahead of previous passing rent and estimated rental value.

"There is a further £25m of future income in the pipeline."

Shares in Hammerson were largely flat at 1030 BST, at 268.2p.