Thu, 30 Jul 2026 | COMMERCIAL PROPERTY
Listed property giant Hammerson has acquired a 50 per cent stake in Manchester’s landmark Arndale Shopping Centre for £218 million. The acquisition, which comes as the group reports strong earnings growth in its half year results, is its first major external acquisition in over a decade.
The Arndale Shopping Centre currently welcomes more than 45 million visitors per year, with the acquisition significantly expanding Hammerson’s scale and footprint. The deal was funded through an equity issue of up to 10 per cent of the company’s issued share capital - approximately £190 million.
The acquisition represents a topped-up net initial yield of 7.8 per cent and is expected to be earnings accretive from day one. The 50 per cent stake in the shopping centre has been acquired from Palma Arndale BidCo.
Alongside the acquisition, the company has announced 33 per cent EPRA earnings growth to £64 million in the six months ending June 30 2026, while total net rental income has risen 40 per cent and like-for-like net rental income is up 5 per cent.
Hammerson’s full-year EPRA earnings guidance, meanwhile, has increased to growth of approximately 27 per cent to £132 million. This figure includes £7 million from the acquisition of the stake in the Arndale Shopping Centre.
Hammerson Chief Executive Rob Wilkinson said: "Our strategy is focused on leveraging Hammerson's unique platform to deliver sustainable growth. We continue to drive outperformance across our destinations, unlock value from our strategic land, and invest in a disciplined manner to deliver further growth. We have made excellent progress executing these three strategic priorities in the first half, resulting in a strong performance and confident outlook.”
"Hammerson's strategy is now naturally broadening to external acquisitions. Manchester Arndale is fully in line with our criteria for increasing our scale, and is a retail-led destination at the heart of one of Europe's leading cities, benefiting from attractive demographics and a positive economic outlook. The Arndale represents Hammerson's first major external acquisition in over a decade.”
Wilkinson added that the acquisition had further enhanced what had already proven to be strong underlying performance during the year so far, leading to an increase in earnings guidance, while also “strengthening our path of sustainable growth, and underpinning a new medium term outlook."
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