Slaughter and May is advising Hammerson on the disposal of its interest in Value Retail

Slaughter and May is advising Hammerson plc on the disposal of its entire interest in Bicester Village owner, Value Retail, to Silver Bidco Limited, a newly-formed company established by certain affiliates of L Catterton, for an enterprise value of £1.5bn, generating cash proceeds of approximately £600m.

Hammerson intends to use the proceeds of the disposal for a combination of significant and immediate deleveraging through a reduction in net debt, reinvestment into assets in its core markets, and a return of capital to shareholders via a share buy-back of up to £140m.

The disposal is subject to certain customary antitrust approvals and is expected to complete in the second half of 2024.

Slaughter and May, led by partners Richard Smith and Simon Tysoe, has been working closely with Hammerson’s General Counsel and Company Secretary, Alex Dunn.