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Developments

Onsite, London and pipeline February 2017

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Onsite developments Orchard Centre, Didcot Parc Tawe, Swansea Elliott’s Field, Rugby – Phase II

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Investment Rationale

Parc Tawe, Swansea

Located in the heart of Swansea, Wales’ second city, Parc Tawe is an easily accessible and established retail and leisure park There are over 850 free car parking spaces and the population within 20 minutes driving distance is estimated to be 214,000 The refurbishment will completely transform the park, providing space for five additional retail brands as well as further restaurant space and new open areas, with seating and living green walls, creating an attractive and enjoyable environment for visitors to shop and dine.

Start on site

Q1 2017 Completion

Q4 2017

The scheme will act as a catalyst for the future growth of Swansea as a key retail destination in the region. This is supported by the increased amount of investment and development taking place in the local area, including the planned St David’s city centre development.

Key facts

Size

21,200m2

Total development cost

£16m

Gross rental income at completion

£1.9m

Yield on cost

11%

Pre-let %

53%

Parc Tawe, Swansea The scheme today

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Parc Tawe, Swansea The vision: transforming the scheme through refurbishment and re-tenanting

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Parc Tawe, Swansea

Ideally situated to benefit from local investment and development projects

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The Castle Quarter An £8million residential and leisure development located adjacent to Parc Tawe

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SA1 Swansea Waterfront A transformation of the Old Dockyard into a vibrant residential and retail area. Initial phase completed and over 2,000 new homes planned.

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Swansea University campus A £450million development is already on site

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Investment in transport links Road, bus and railway stations upgraded including the Boulevard improvements which links Parc Tawe, SA1 and the City Cente

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Investment Rationale

The Orchard Centre, Didcot

Didcot is strategically located in between Reading, Oxford, Newbury and High Wycombe (population c.265,000) The current retail mix does not meet the requirements of affluent catchment - one third of which are “affluent achievers” (CACI) The mixed-use development will add 10,000m2 of shopping and leisure space to the existing 18,000m2 Orchard Centre

Start on site

Q1 2017 Completion

Q1 2018

Anchored by an M&S Food Hall, the expansion will deliver an additional 24 new high street shops, six restaurants and cafes. Leases have already been exchanged with H&M, River Island, TK Maxx, Costa and Starbucks. In addition the development will transform the amount and quality of public space in the town centre.

Key facts

Size

8,700m2

Total development cost

£42m

Gross rental income at completion

£2.9m

Yield on cost

7.8%

Pre-let %

39%

The Orchard Centre Hammerson’s next fashion park

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Didcot is located in a wealthy and rapidly growing catchment

Affluent Achievers comprise 30% of the profile compared to UK average of 22%

£15 million catering market potential £71 million comparison good market potential. 41% uplift between 2015-2017

Source: CACI

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The Orchard Centre The vision: delivering a next generation fashion park

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Investment Rationale

Elliott’s Field, Rugby Phase II

Capitalising on the success of Elliott’s Field Phase I and the strong demand from furniture and flooring retailers, planning consent was granted for a 7,900m² second phase adjacent to the existing shopping park. The scheme is due to complete by the end of the year and is currently 44% pre-let including anchor tenants DFS and Sofology. The same contemporary design principals established in phase I will be continued throughout the extension The scheme will include 531 additional car parking spaces

Start on site

Q1 2017 Completion

Q4 2017

It is planned that this development will be the first carbon-neutral retail park in our portfolio for building energy consumption.

Key facts

Size

7,900 m2

Total development cost

£30m

Gross rental income at completion

£2.5m

Yield on cost

8%

Pre-let %

44%

Elliot’s Field, Rugby – Phase II The Vision:

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Elliott’s Field – Phase II The Vision

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02

London developments Brent Cross extension, London Croydon town centre, South London The Goodsyard, London

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Croydon and Brent Cross - creating winning retail destinations for the future and adding to the underweight London sector

Brent Cross Westfield Stratford

Westfield London

Greater London

Croydon

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Investment Rationale

Brent Cross, London

Opened in 1976, Brent Cross Shopping Centre (84,000m2) remains a popular and successful destination, with a catchment area of 1.9 million

The scheme is held with Standard Life Shopping Centre Trust – Hammerson share is 41% This project forms part of the wider Brent Cross Cricklewood regeneration plan with the extended shopping centre comprising 175,000m² of retail, catering and leisure use and will be the principal retail destination for north London The development agreement and CPO inquiry were completed in 2016

Earliest start on site

2018

Confirmation of CPO expected Summer 2017

Key facts

Size

90,000m2 Total project cost (1)

£475-550m Gross rental income at completion

£33.1m Yield on cost

5.3% Pre-let %

On track to submit detailed planning application for Brent Cross shopping centre extension and refurbishment in Spring 2017

Practical completion

2022 (1) Hammerson share

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Brent Cross The shopping centre today: existing aerial view

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Brent Cross An affluent and culturally diverse catchment

• 2 million principle catchment

• 146 different languages spoken in the • 332,000 residents in primary catchment catchment • Above average catchment penetration • Highest concentration (55%) affluent for regional centre ACORN groups (City Sophisticates; Lavish Lifestyle; Executive Wealth)

• Resident population expected to grow by 60,000 to 2020

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Brent Cross The vision

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Brent Cross The vision

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Brent Cross The living bridge

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Inside Brent Cross Inside the new scheme

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Brent Cross Upper ground floor plan

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Croydon town centre, South London

Investment Rationale

Key facts

Establishing Croydon, with a catchment of 1.1million people, as the principal retail and leisure hub for south London as part of wider large-scale regeneration already underway

Size

Held in a 50/50 joint venture with Westfield Confirmed CPO ensures ability to complete land assembly

200,000m2 (1) [1] Total Phase I cost to complete Estimated cost to complete

£650-£700m

Outline planning application for updated redevelopment proposal submitted October 2016 Revisions include new M&S anchor store and improved design of the scheme’s northern end Earliest start on site

2018

Design incorporates three retail levels, over 300 shops, restaurants and cafes, improved leisure and public realm facilities, and additional homes Subject to finalised design and completing agreements with anchor tenants, the earliest start on site could be during 2018 [1] Hammerson share

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Croydon town centre Primary North End entrance to scheme

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Croydon Connectivity and catchment

Opportunity to cover South London catchment Trade area covers affluent regions of Kent, Surrey and South London Total catchment forecast increase of 40% to over 2m people by 2021 Attract £1bn of retail spend 26

The new scheme will sit at the heart of Croydon’s regeneration

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Croydon town centre

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5

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Croydon The wider regeneration

Walkway linking station to town centre: part of Connect Croydon public realm improvement programme Berkeley Homes residential development, Saffron Square

Morello residential development, Cherry Orchard Road

Queens Garden public space

Croydon is at the forefront of urban regeneration in London. Investment of over £5bn will deliver new residential, commercial and retail space, and create over 25,000 new jobs.

Commercial development adjacent to East Croydon station

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Investment Rationale

Situated between Shoreditch, the edge of the City and Spitalfields, the site is held in a 50:50 JV with Ballymore The Goodsyard, London

The planning application was ‘called in’ by the Mayor of London in September 2015 as it represented on London’s strategic mixed-use sites

Key facts

Size

270,000m2 Total Phase Phase 1I cost Total cost to to complete complete [1] [1]

£140-160m

Determination was deferred in July 2016 to allow further consultation with the GLA’s planning officers Active discussions are underway with the GLA to address points of concern raised in 2016 GLA is largely supportive of the scheme and it remains with the GLA for determination

Earliest start on site

2018

(Phase I)

Hammerson remains committed to progressing the planning application

(1) Hammerson share

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The Goodsyard, London The vision

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The Goodsyard, London The vision

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Pipeline developments Les Trois Fontaines,Cergy Pontoise

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Investment rationale

Les 3 Fontaines, Cergy Pontoise, Paris

Extension and refurbishment of existing scheme to establish the centre as the leading retail, dining and leisure destination in the area Ideally located in a large catchment area of an estimated 1.2 million people

Key facts Size

28,000m2 Total development cost

£200m

The extension project is part of plans for the wider regeneration of area

Consent applications and agreements with co-owners reached The extension will enhance the overall asset and create the third trophy asset in the French portfolio alongside Les Terrasses du Port and Italie Deux Earliest start on site

2017

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Les 3 Fontaines The scheme today

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Les 3 Fontaines The vision

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Les 3 Fontaines The vision

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Les 3 Fontaines The vision

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