Hammerson Share Discussion Threads

[skyship] 26/1/2024 10:32

Wc104 - I've sent you a Private Message...

[williamcooper104] 25/1/2024 08:22

Just traded out of some of my bonds Bought at 12 YTMs and sold at just over 6 Balance sheet repair is working Still not hugely tempted by the common Would rather pay more for SPG

[thomstar] 27/10/2023 12:27

Still bobbing around in the toilet bowl, surely to be flushed soon

[redoctober5] 07/10/2023 11:06

Dublin City Council has granted two further planning permissions to UK property giant Hammerson as part of its €500 million regeneration project in Dublin city centre, including enabling works for a future Metrolink station on O’Connell Street.

Hammerson has been granted permission to develop the 0.9 hectare (2.3 acres) site from Number 43 to Number 60 O’Connell Street Upper into offices, retail and restaurant space. A further permission has been granted in respect of Number 61 O’Connell Street Upper for retail and residential uses.

The permission also allows for a structural box beneath ground floor level, to accommodate the independent construction and operation of the planned O’Connell Street MetroLink station by Transport Infrastructure Ireland (TII).

The newly-granted permissions form part of Hammerson’s €500 million master plan to regenerate a 2.2 hectare plot that stretches from O’Connell Street to Moore Street in the north inner city. The project has generated considerable opposition from groups including Moore Street traders.
The overall plan includes proposals for 97 homes, 9,300sq m of restaurants, cafes, and shops, 43,400sq m of workspace, up to 210 hotel rooms, and a new public gallery and cafe use.

Three other planning applications submitted by Hammerson in relation to its Dublin Central development were granted last year, including plans for a new hotel, homes, workspace, retail, and cultural uses, as well as enhanced street connections and a substantial public square.

Ed Dobbs, development director at Hammerson, said that the newly-granted planning permissions for the O’Connell Street side of the site were “significant”.

“[They] bring us one step closer to delivering our vision for Dublin Central and complementing the uses which have already been approved for new homes, hotel, retail spaces and an improved streetscape,” he said.

“The development will bring significant economic and cultural benefits for the local and wider community, breathing new life into a unique area in Dublin which is important to our history. We will now review in detail the planning conditions for each permission granted. We also look forward to submitting further applications for the remainder of the site while we continue to work with all stakeholders.”

[mountpleasant] 06/10/2023 17:27

The planning permission they have pending for the Dundrum site?
Its about to be rejected.
They will be restricted on building heights, number of apartments,
required to donate 2000 SQM public park.
County Council have put in amendments to the local area plan LAP.

[williamcooper104] 12/9/2023 10:34

The bit on their valuations that really jump out are the French assets - but they've sold some recently at yields that back up those values

[williamcooper104] 12/9/2023 10:33

Yep Bringing back VAT free shopping for tourists would really help Bicester Rob Noel almost certainly saved land securities from going bust, and is likely to right the ship here - but don't see a quick recovery - obviously a UK consumer recession won't help My short profits from HMSO happily tucked up in the 26 and 28 bonds At some point Bicester will trade and a lot of bonds will be redeemed

[finkie] 12/9/2023 09:31

£1.25bn market cap £4,7bn assets £1bn debt at end of this year assuming all disposals are achieved......seems fair,,,,,??

[jaknife] 31/8/2023 22:11

That's a reasonable summary, they're looking to tender for the 2025 3.5%s and the 2026 6.0%s. On the face of it:

1. The 2028 7.25% bond is being placed with a single solid holder who isn't expected to trade it.

2. There must be a lot of loose 2025 3.5% bonds and 2026 6.0% bonds, which can presumably be picked up cheaply.

3. The investor must have a preference for a five-year bond (which the 2028 7.25% bond effectively is now) rather than the shorter maturities.

4. The net effect for HMSO is that they've extended the term of their debt, which most corporates are normally happy to do.

JakNife

[khinko] 31/8/2023 16:59

Hi, Anyone can explain that Is it correct my understanding that HMSO is trying to redeem 3.5% bonds maturing in 2025 and 6.0% bonds maturing in 2026 with the proceed from issuing GBP100m with 7.25% coupon bonds maturing in 2028?If it is correct, why they are doing like this?Thanks.

[williamcooper104] 27/7/2023 11:54

Though with cash divi restored looks like beginging to focus on equity

[williamcooper104] 27/7/2023 11:53

Nice LTV looking good Alas can't buy any more of the 28 bonds (the first ones to get redeemed since they're the most expensive) 33 LTV for 9.2 YTM - got some at 11s YTM Still not a lot of interest in the common given that a consumer recession has to hit rental income 400-600bp spread for investment rated debt and a management team who've been managing the reit for creditors

[redoctober5] 26/7/2023 16:50

its the big instututional shorters keeing it down. once dividents are declared, they will burn

[williamcooper104] 09/6/2023 20:52

The 7.25 coupon bonds are yielding to maturity 10-11 percent and will be the first to get repaid early if/when Value Retail gets sold - which would give much higher YTMs That's where my money is Not so keen on the common; but wouldn't short it either

[jas0701] 21/4/2023 05:24

https://news.sky.com/story/under-siege-hammerson-in-talks-with-unibail-about-development-stake-sale-12861907

[sam55todd] 18/4/2023 01:24

The cost of debt raised considering overall property market situation and harsh environment in general is very different from the one they're retiring/was borrowed a long time ago.

[nickrl] 03/4/2023 11:55

well they've raised another wod of cash today which lowers net LTV but they dont say what debt they have/will retire as a result though.

[profdoc] 03/4/2023 11:31

Jas0701: you might want to take a look at the debt

[jas0701] 31/3/2023 13:22

You sell you lose !!!

[jas0701] 31/3/2023 09:29

Here’s my take on HMSO, please correct me if I’m wrong.
This is from Hammerson PLC Final Results
Group portfolio value of GBP5.1bn (2021: GBP5.4bn)
Market Cap. 1,145.15m with share price at 24.86
So the share price that HMSO should be 4.45 x 24.86 = 110 pence ( Huge potential there !!!)
Long way to catch up.
Continues to anticipate re-instating a cash dividend for 2023
Even though not confirmed as yet but Please don’t sell and hold on for dividend as Final Dividend most of time been around end of March and beginning of April every year.
28 Jul 2022 Interim GBX 0.20 31/12/2021 31/12/2022 06/10/2022 07/10/2022 03/11/2021 -
04 Mar 2022 Final GBX 0.20 31/12/2020 31/12/2021 31/03/2022 01/04/2022 10/05/2022 0.40
05 Aug 2021 Interim GBX 0.20 31/12/2020 31/12/2021 28/10/2021 29/10/2021 07/12/2021 -
12 Mar 2021 Final GBX 0.20 31/12/2019 31/12/2020 01/04/2021 06/04/2021 13/05/2021 0.4

[arja] 23/3/2023 16:03

on chart support but probably heading for about 17p again