Hammerson goes on £502m European shopping spree

Helen Cahill
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Hammerson has been adding to its European portfolio (Source: Getty)

Hammerson has been on a European shopping spree, buying up four shopping centres on the continent.

The property investor has spent £502m on acquisitions in Germany, Portugal, Spain and Poland, acting with partners VIA Outlets, APG, Meyer Bergman and Value Retail.

Its largest purchase was Germany's first established retail centre, a shopping centre in Zweibrucken, on the border between France, Germany and Luxembourg.

The 114 tenants in the shopping centre benefit from a footfall of 3.8m every year.

Read more: Hammerson and Standard Life partner for £1.4bn overhaul of Brent Cross

In Portugal, the group snapped-up a shopping centre near the popular tourist destination Porto. The outlet in Vila Do Conde has 4.3m visitors each year, and is home to brands such as Polo Ralph Lauren, Michael Kors and Carolina Herrera.

Timon Drakesmith, chief financial officer for Hammerson, said: "This is a rare opportunity to acquire strong outlet centres in an off-market transaction.

"Well-positioned European outlets continue to deliver strong sales growth supported by an improving customer offer and increasing tourist numbers across Europe."

Hammerson has also been investing in the UK. It announced last month that it will be teaming up with Standard Life to deliver a £1.4bn overhaul of Brent Cross shopping centre. The refurbishment will create 200 new shops, 40 restaurants, a hotel, a cinema and around 6,700 new homes.

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