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Developments

Onsite and pipeline November 2015

Our developments

On site developments

Le Jeu de Paume, Beauvais Victoria Gate, Leeds WestQuay Watermark, Southampton Elliott’s Field, Rugby Cyfarthfa Retail Park, Merthyr Tydfil Orchard Centre, Didcot Major developments

Whitgift, Croydon Brent Cross, London The Goodsyard, London

2

Investment Rationale

Key facts

Size

23,800m2

Le Jeu de Paume, Beauvais

Total project cost

£60m

Gross rental income at completion

£4m

Yield on cost

6.5%

Start on site

Q4 2013

Pre-let %

75%

Opening

Nov 2015 3

Le Jeu de Paume, Beauvais Progress on site

4

Le Jeu de Paume, Beauvais Interior

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Le Jeu de Paume, Beauvais A captive catchment area

Le Jeu de Paume, Beauvais

6

Investment Rationale

Key facts

Size

Victoria Gate, Leeds

35,400m2

Total project cost

£165m

Gross rental income at completion

£11m

Yield on cost

6.5%

Start on site

Q2 2014

Pre-let %

66%

Completion

Q3 2016 7

Leeds: a major northern city with an affluent catchment and excellent transport links

Population

800,0000 Rank in UK by population size

3rd 8

Hammerson is investing in the city in partnership with Leeds City Council and John Lewis

Key facts

11 acres of City Centre regeneration 10 years in the making Partnership with Leeds City Council

9

Victoria Gate Progress on site

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Victoria Gate The mall

11

Exterior arcade design pays homage to Leeds’ architectural history

North facing Eastgate façade

12

Creating John Lewis’s northern flagship store

13

Multi Storey Car Park

14

Integrating Victoria Gate with the existing Victoria Quarter scheme

15

Encouraging leasing progress to date

Brands

% of rental income

Exchanged or under offer

66%

Advanced negotiation

78%

In discussion

94%(1)

(1)

Commercialisation accounts for remaining 6%

16

Introducing new international and premium brands to Leeds

Brands signed include

John Lewis Casino (GGV)

The White Company Maje Cos & Other Stories D&D (rooftop restaurant)

Anthropologie Hackett(1) Victoria Gate will bring 8 new brands to Leeds 6 new brands to

Hammerson’s portfolio

(1)

Legal documents signed ready for exchange

17

Victoria Gate: phase two

Phase 2 site boundary

Creating a family-friendly destination 9 acres of regeneration Consent for 1 million sq ft Revised master plan Summer 2016 2012 master plan

18

Investment Rationale

Key facts

Size

WestQuay Watermark, Southampton

17,000m2

Total project cost

£85m

Gross rental income at completion

£5m

Yield on cost

6.0%

Start on site

Q1 2015

Pre-let %

75%

Practical completion

Q1 2017 19

WestQuay Watermark Progress on site

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WestQuay Watermark The vision

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WestQuay Watermark The vision

22

Investment rationale

Key facts Size

15,700m2 Elliott’s Field shopping park, Rugby

Total project cost

£76m Gross rental income at completion

£4.5m Profit on cost(1) / Profit

23% / £17.5m IRR

20% BREEAM rating

Excellent Start on site

Sep 2014 Official opening

28 Nov 2015 (1)

Profit on total development cost including land acquisition

23

Rugby offers an ideal ‘in-fill’ location for retailers

Rugby is an affluent growing town with a weak town centre retail offering

Total catchment: 443,000 Primary catchment: 124,000 Affluent families: 22,000 Conveniently located 1 mile north of the town centre under 2 miles south of junction 1 of the M6 motorway

Source: Javelin

24

Elliott’s Field: the next generation shopping park

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Elliott’s Field one year ago…

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Elliott’s Field today

27

Working with retailers to deliver best in class service

Before

After

28

Fashion shopping on your doorstep

Portfolio firsts

29

Investment Rationale

Key facts

Size

Cyfarthfa Retail Park, Merthyr Tydfil

14,500m2

Total project cost

£26m

Gross rental income at completion

£2m

Yield on cost

8%

Start on site

Aug 2013

Pre-let %

66%

Practical completion

Q3 2015 30

Cyfartha, Merthyr Tydfil The scheme today

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Cyfartha, Merthyr Tydfil The vision

32

Hammerson’s next fashion park: Orchard Centre, Didcot (phase 2)

Key Facts

Size

10,470m2 Total project cost

£47m Expected GRI at completion

£3m

Expected yield on cost

6.5% Expected profit

£7m Start on site

Dec 2015 Practical completion

IRR

24% Expected POC

18%

Feb 2017 33

Major developments 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

34

Investment Rationale

Key facts

Size

Whitgift, Croydon

200,000m2 Total project cost Cost to complete

£575-£700m Gross rental income at completion

Yield on cost

Earliest start

Pre-let %

2016 Potential completion

2019/20 35

Whitgift, Croydon The vision

36

Whitgift, Croydon Primary North End entrance to scheme

37

Whitgift, Croydon

Secondary North End entrance to scheme

38

Croydon Connectivity and catchment

39

Croydon Croydon core: Whitgift and Centrale

1 1. Wellesley Road

4

5 3

4. John Lewis, Dingwall Avenue

2

2. Primary North End entrance

5. George Street Courtyard 3. Secondary North End entrance

40

Whitgift, Croydon Whitgift sits at the heart of Croydon’s regeneration

1

2

6

1

6

New Whitgift site

2 5

5

3

3 4

4

41

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 42

Investment Rationale

Key facts

Size

Brent Cross

90,000m2

Total project cost

£475-£550m Gross rental income at completion

Yield on cost

Earliest start

Pre-let %

2017 Practical completion

2020/21 43

Brent Cross The vision

44

Brent Cross The vision

45

Brent Cross New lower ground retail offer

46

Consented Masterplan ‘Today we confirm; new investment in transport; regeneration from Brent Cross to Croydon’ 2015 Budget statement

47

Brent Cross An affluent and culturally diverse catchment

• 2 million principle catchment • 332,000 residents in primary catchment

• 146 different languages spoken in the catchment

• Above average catchment penetration for regional centre • Highest concentration (55%) affluent ACORN groups (City Sophisticates; • Resident population expected to Lavish Lifestyle; Executive Wealth) grow by 60,000 to 2020

48

Investment Rationale

Key facts

Size

270,000m2

The Goodsyard, London

Total phase 1 cost tocost complete Total project

•

£140-£160m

•

Gross rental income at completion

•

13.8% Yield on cost

Dec 2016 Pre-let %

Earliest start

2016

£60.0m

49

The Goodsyard, London The vision

50

The Goodsyard, London The vision

51

The Goodsyard, London The vision

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The Goodsyard, London Phasing

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