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Dundrum Town Center-Owner Hammerson Launches €700m Sustainability-Linked Bond

Dundrum Town Center-owner Hammerson has launched a real estate sustainability-linked bond of €700 million ($853.30 million) and said it would use the proceeds to cut debt.

The offering follows Hammerson's exit from the UK retail parks sector with a $459 million assets sale to Brookfield last month after reporting a £1.7 billion loss for 2020.

It had also issued a longer-term debt warning.

Pandemic-Related Curbs

Last week, British shopping centers returned to full operations after months of lockdowns and pandemic-related curbs knocked the value of malls amid widespread retail rent deferrals and declines.

"The linking of the bond to our sustainability targets brings a stronger alignment between our financial and sustainability goals," Chief Financial Officer Himanshu Raja said in a statement.

Global green bond issuance reached a record high of $270 billion at the end of 2020 and could reach $450 billion this year, according to Climate Bonds Initiative.

Hammerson has set the target to get net positive for carbon, water, resource use and social impacts by 2030.

News by Reuters edited by Donna Ahern, Checkout. For more retail news click here. Click subscribe to sign up for the Checkout print edition.

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