Hammerson buys £218m Manchester Arndale stake

Chief executive Rob Wilkinson called Manchester "one of Europe's most dynamic and fastest-growing urban economies" and said the Arndale sits at the city's centre. He said Hammerson sees a "clear path" to raising income and creating value through its retail property platform.

Hammerson plans to raise about £190m through an equity issue to help fund the deal, with the rest covered from existing cash. The fundraise includes an institutional placing, an offer for UK retail investors and roughly £230,000 from several Hammerson directors.

The group expects the acquisition to add to earnings immediately and contribute about £7m to 2026 results.

Hammerson upgraded its full-year guidance and now expects EPRA earnings to rise about 27% to £132m.

The deal came alongside first-half results that showed footfall up 3% and like-for-like net rental income up 5%. Occupancy across its flagship portfolio hit 96%, the highest first-half level in seven years. EPRA earnings jumped 33% to £64m.