Hammerson plc has acquired the remaining 50% interest in one of the UK’s top retail, leisure, and lifestyle destinations, The Oracle, from its JV partner, Abu Dhabi Investments Authority, at a headline price of £104.5 million, reflecting a stabilised yield of 8.9%.

The acquisition is expected to be c.5% accretive to the Group’s FY2026 EPRA earnings.

The REIT says it has secured additional leasing deals including flagship store upsizes with Zara and Apple, both due to open in H1 2026 as well as renewals with premium brands. Year-to-date, Hammerson has exchanged 30 deals at The Oracle, representing £4.5 million of headline rent – around £21 million of rent contracted to first break with long-term deals signed at spreads ahead of both previous passing rent and ERV on a net effective basis.

The Company says it has driven occupancy up from 93% at the start of the year to 97% with like-for-like footfall for Q3 2025 up 10% year-on-year.

“We have seized the opportunity to gain full control of The Oracle, an asset in transition, to capture the growth opportunities ahead. This represents our fourth JV buyout in a little over a year, as we continue to act decisively and execute our growth strategy at pace. Our recent investments at The Oracle have driven an uplift in footfall, sales and leasing with the recent openings of TK Maxx and Hollywood Bowl. We expect a further boost from the opening of flagship stores for Zara and Apple in early 2026. There is more to come,” comments outgoing CEO, Rita-Rose Gagne.

Hammerson reported a strong year-to-date Group performance for FY2025 with footfall having increased by 5% year-on-year and like-for-like sales having grown 2% during Q3 2025.

The REIT signed 261 leases with £38 million of headline rent, representing £190 million of contracted rent to first break, at 49% ahead of previous passing rent and 12% ahead of ERVs. It says its pipeline remains strong with c. £26 million of headline rent, and a current occupancy rate of 95%.

The acquisition of The Oracle was funded from existing cash on balance sheet, resulting in a Q3 2025 proforma LTV of c.37%.