The Hammerson-owned Ilac centre in Ireland. The company recently completed the acquisition of the remaining 50% interest in the Ilac not already owned by Hammerson..
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Hammerson, which owns and manages prime city-centre shopping centres and leisure destinations, primarily across the UK, Ireland, and France, said on Wednesday it had sold £69m (about R1,5 billion) of non-core assets, including multiple holdings in central Dublin and a further non-core investment.
Together with the final Leeds disposal in January 2026, these transactions take total non-core divestment so far in 2026 to £75m, representing a substantial premium to book value, the UK-based, London, Dublin, and JSE-listed REIT said in a statement.
The central Dublin holdings were sold to Transport Infrastructure Ireland to unlock key infrastructure for the city’s planned Metrolink train system.
Hammerson said it has retained certain holdings in Dublin which provide strategic options across development, partnerships and future value realisation. The company recently completed the acquisition of the remaining 50% interest in the Ilac not already owned by Hammerson, taking full control of the landmark Dublin city centre destination
Proceeds from the disposals would continue to be deployed in line with Hammerson’s capital allocation priorities, including balance sheet strength and recycling into existing assets and new opportunities at attractive yields.
“These transactions are further testament to our focus on driving value from development activity and non-core disposals, while recycling capital into joint venture buyouts. 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,” said Hammerson’s CEO Rob Wilkinson.
On the JSE, Hammerson’s share price fell 1,78% to R79,10 on Wednesday morning, a price that was 10,3% higher than the R71,67 that Hammerson traded at a year before. The share price was trading at R115,75 on the JSE 10 years ago.
Last month, Hammerson submitted plans for a major new facade at Brent Cross, the iconic London destination that celebrates its 50th anniversary this year. It was originally developed by Hammerson in 1976 as the UK’s first purpose-built enclosed retail destination.
The centre, which has benefited from over £20m of investment over the past five years, receives over 11 million visitors each year.
The proposed facade work aims for a cleaner, more cohesive recognisable frontage, signage aligned with Brent Cross’ refreshed brand, enhanced visibility and to reinforce its position as a leading London retail leisure and community destination. Delivery is targeted for later this year, to coincide with the 50th anniversary.
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