Hammerson plc (HMSO.L), a property development and investment company, on Friday announced the acquisition of the remaining 50% stake in The Oracle in Reading, a shopping and leisure mall in the UK. The company also reported strong year-to-date operational performance and raised its fiscal 2025 EPRA earnings guidance.
The company said it has completed the purchase of the outstanding 50% interest in The Oracle from its joint-venture partner, a subsidiary of the Abu Dhabi Investment Authority, for a headline price of £104.5 million.
Hammerson said the deal reflects a stabilised yield of 8.9% and is expected to be about 5% accretive to fiscal 2026 EPRA earnings.
Hammerson reported strong leasing momentum at the centre, securing new deals and renewals with brands such as Zara, Apple, L'Occitane and Space NK. Year to date, the company has exchanged 30 leases at The Oracle representing £4.5 million in headline rent, helping lift occupancy to 97% from 93% at the start of the year.
Like-for-like footfall for the third quarter rose 10% and is up 3% year-to-date. Third-quarter like-for-like sales increased 3% quarter-on-quarter and have grown 17% since the first quarter.
Gross rental income at The Oracle was up 9% year-to-date and net rental income has risen 20%.
The company also upgraded its fiscal 2025 guidance, raising its total gross rental income growth expectation to 19% from 17% previously. Like-for-like gross and net rental income growth is now forecast at around 3%. EPRA earnings guidance has been lifted to at least £102 million from around £101 million.
Third-quarter footfall increased 5% year-on-year and like-for-like sales rose 2%. The company said demand for space is strong, with 261 leases signed year-to-date representing £38 million in headline rent—49% above previous passing rents and 12% ahead of ERVs. Group occupancy stands at 95%.
"Combined with our continued strong performance and acquisition of The Oracle, we expect further growth in 2026 and 2027 as the full benefits of our repositionings and acquisitions come through, underpinning the Group's medium-term guidance of an 8-10% EPRA EPS CAGR," commented Rita-Rose Gagné, CEO of Hammerson.
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