Hammerson and APG up VIA Outlets stake to 50%

Hammerson and APG have increased their ownership in premium outlet shopping mall owner VIA Outlets to 50%. The pair have each increased their stake by more than 3% (6.25% combined). Hammerson and APG have purchased the balance of shares in the €1.6bn (£1.46bn) premium outlet business at a slight premium to June 2019 NAV from former operating partners Value Retail and Meyer Bergman. Ahead of the change in ownership, a new management structure has been introduced, led by chief executive Otto Ambagtsheer, formerly chief operating officer of VIA Outlets, alongside a proven and talented operating team. Ambagtsheer commented: “APG and Hammerson have long-standing interests in the premium outlet sector and their additional investment enables us to turn VIA Outlets into a self-managed and independent operating organisation. This will ensure the outstanding performance at VIA Outlets is maintained, enabling us to continue to substantially outperform the wider retail market.” David Atkins, chief executive of Hammerson, said: “Our investment in VIA Outlets is a major differentiator for Hammerson as this is a sector which continues to deliver value creation, as well as significant growth in brand sales and footfall. The management team at VIA Outlets has a clear strategy to attract new brands and deliver further extensions which will capitalise on the increased spending we are seeing in the market, and the low online penetration in this sector.” Last year VIA Outlets delivered brand sales of €1.07bn, up 9% on 2017, and a 4% footfall increase on the previous year. During the first half of 2019, the firm saw brand sales rise by 10% on the previous year while the firm posted footfall growth of 8%. VIA Outlets was established in 2014 to acquire and manage existing outlet centres across Europe. Under the leadership of its operating partners, it has grown its portfolio to 11 centres across nine European countries in leading tourist locations, making it the fastest growing owner of outlets in Europe and the third largest in terms of its portfolio. To send feedback, e-mail anna.ward@egi.co.uk or tweet @annaroxelana or @estatesgazette