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Hammerson cuts value of Irish assets by almost €100m

 

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Changes: Dundrum Town Centre will see a greater residential element

Changes: Dundrum Town Centre will see a greater residential element

Changes: Dundrum Town Centre will see a greater residential element

Hammerson, the UK property group, has slashed almost €100m from the value of its flagship assets in Ireland, including its stake in Dundrum Town Centre, as it aims to raise net proceeds of £794m (€882m) from a share sale and asset disposal.

It said its flagship assets in Ireland were valued at £834m at the end of June, representing a 9.9pc decline in the capital return for the properties.

Hammerson owns 50pc of Dundrum Town Centre, with the other half owned by Allianz. The UK group also owns half of the Pavilions shopping centre in Swords, and the Ilac Centre in Dublin city centre. It owns 40pc of the Kildare Village premium outlet mall.