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Developments

Onsite and pipeline February 2016

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Onsite developments Victoria Gate (Phase 1), Leeds WestQuay Watermark, Southampton

2

Investment Rationale

Victoria Gate, Leeds

Victoria Gate, together with existing asset Victoria Quarter (19,100m2 acquired in 2012), will create the new 53,400m2 Victoria Estate Captive catchment area: 2.1 million people in the Leeds catchment At launch in Autumn 2016, the scheme will become the premium and aspirational shopping offer for the north of England Anchored by a new 24,200m2 flagship John Lewis store, Victoria Gate will have more than 30 aspirational retailers and two rooftop restaurants

Start on site

Q2 2014 Completion

The latest brands signed include Hackett, Cos, Anthropologie, & Other Stories, The White Company, Maje and restaurant group, D&D Topping out of the John Lewis building took place on 12 November 2015

Key facts

Size

35,400m2

Total project cost

£165m

Gross rental income at completion

£11m

Yield on cost

6.4%

Pre-let %

68%

Q3 2016 3

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

Population

800,0000 Rank in UK by population size

3rd 4

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

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Victoria Gate The Vision: The premium and aspirational retail destination in the north of England

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Victoria Gate The arcade

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Victoria Gate Progress on site

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Exterior arcade design pays homage to Leeds’ architectural history

North facing Eastgate façade

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Creating John Lewis’s northern flagship store

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Multi Storey Car Park

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Integrating Victoria Gate with the existing Victoria Quarter scheme

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Investment Rationale

WestQuay Watermark, Southampton

Leisure and dining development to consolidate existing 76,400m2 WestQuay shopping centre, creating a new retail, dining and leisure destination for Southampton and boosting the currently underserved evening economy The scheme will deliver a landmark Showcase Cinema de Lux 10-screen cinema, over 23 new restaurants and a new public plaza for the city Captive catchment area: 1.3m people in the Southampton catchment

Start on site

Q1 2015 Completion

Q1 2017

Restaurants already signed up include, Five Guys, Nando’s, Byron, Wahaca, Jamie’s Italian, Bill’s, Zizzi’s, Cabana, Cau and most recently American barbeque restaurant, Red Dog Saloon All of the brands secured, aside from Nando’s, will be making their debut in Southampton at launch

Key facts

Size

17,000m2

Total project cost

£85m

Gross rental income at completion

£5m

Yield on cost

6.0%

Pre-let %

80%

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WestQuay Watermark Progress on site

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WestQuay Watermark Progress on site

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WestQuay Watermark The vision – creating a new dining and leisure hub for Southampton

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WestQuay Watermark The vision – creating a new dining and leisure hub for Southampton

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WestQuay Watermark The Long Room

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WestQuay Watermark Attracting new brands to Southampton

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02

Major developments Croydon town centre, South London Brent Cross extension, 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

21

Croydon town centre, South London

Investment Rationale

Key facts

Opportunity to transform South London’s retail and leisure offer

Size

The proposed scheme will bring an outstanding retail, leisure and residential regeneration to the centre of Croydon helping to fulfil Croydon’s potential as a strategic growth area Catchment area: 1.1 million people

Held in a 50/50 joint venture with Westfield

200,000m2 Total project Estimated costcost to complete (1)

£650-£700m Gross rental income at completion

CPO confirmed in September 2015 following Secretary of State’s decision In March the Croydon Partnership acquired additional 50% stake in Whitgift to assume operational control Earliest start

2017

Detailed designed of enhanced three level scheme confirmed

Yield on cost

Pre-let %

Potential completion

2020/21 (1) Hammerson share

22

Croydon town centre The vision

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Croydon town centre The vision

Primary North End entrance to scheme

Secondary North End entrance to scheme

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Croydon town centre Primary North End entrance to scheme

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Croydon town centre

Secondary 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 27

Croydon Croydon core: Whitgift and Centrale

1 1. Wellesley Road

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5 3

4. John Lewis, Dingwall Avenue

2

2. Primary North End entrance

5. George Street Courtyard

3. Secondary North End entrance

28

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

1

2

6

1

6

Croydon town centre

2 5

5

3

3 4

4

29

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

30

Brent Cross extension, London

Investment Rationale

Key facts

Opportunity to regenerate North London’s iconic destination

Size

Opened in 1976, Brent Cross Shopping Centre (84,000m2) remains a popular and successful destination The development will bring a full range of shops alongside a new cinema, dining options and a network of covered streets and spaces creating a top 5 shopping centre in London

90,000m2 Total project cost (1)

£475-£550m Gross rental income at completion

Catchment area: 1.9 million people

Held with Standard Life Shopping Centre Trust – Hammerson share 41%

Yield on cost

Pre-let %

Earliest start

2017 Practical completion

2021 (1) Hammerson share

31

Brent Cross The shopping centre today: existing aerial view

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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 New lower ground retail offer

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

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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

39

Investment Rationale

Situated between Shoreditch, the edge of the City and Spitalfields The Goodsyard, London

GLA support for the scheme

Key facts

Size

270,000m2 Total Totalproject phase cost 1 cost to complete (1)

Revised planning application submitted June 2015. Key highlights: • 25,000m2 of additional commercial space • Revised office building design and accelerated delivery • Revised residential design; tower heights reduced Held in a 50:50 joint venture with Ballymore Earliest start

2017

Planning decision to be determined by Mayor of London following ‘Call In’ in September 2015

£140-£160m Gross rental income at completion

13.8% Yield on cost

Dec 2016 Pre-let %

£60.0m

Planning determination March 2016 (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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The Goodsyard, London The vision

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The Goodsyard, London Phasing

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03

Near term pipeline developments Parc Tawe, Swansea The Orchard Centre, Didcot Les Trois Fontaines,Cergy Pontoise

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Parc Tawe, Swansea

Investment Rationale

Key facts

Located in the heart of Swansea, Parc Tawe is an easily accessible and established retail and leisure park

Size

The refurbishment will create a modernised scheme, attracting a range of new retailers and restaurants. It will continue to be anchored by an Odeon cinema The scheme is well placed to benefit from the growing prominence of Swansea as a retail destination. Retailers including Superdry, M&S and Debenhams have recently opened in the town

Start on site

Q1 2016 Practical completion

Over 850 free car parking spaces

21,000m2 Total project cost

£16m Gross rental income at completion

£2m Yield on cost

Pre-let %

Population within 20 minutes driving distance estimated to be 214,000

Q4 2016 46

Parc Tawe 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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Parc Tawe 200,000 sq ft of refurbished retail and restaurant space

Scheme leasing plan

50

Parc Tawe, Swansea

Investing over £14m to attract new retailers and restaurants

51

Investment rationale

Mixed-use development will add 10,000 m2 of shopping and leisure space to the existing 18,000m2 Orchard Centre which opened in The Orchard Centre, 2005 Didcot, South Oxfordshire Anchored by an M&S Food Hall, the expansion

will deliver an additional 24 new high street shops, six restaurants and cafes and will transform the amount and quality of public space in the town centre

Key facts Size

10,000m2 Total project cost

£50m Estimated annual income

£3m

The scheme is located 14 miles south of Oxford and is well placed to benefit from continued investment in the UK’s science vale

Start on site

Q1 2016

Over 800 car parking spaces and 80 cycle spaces Planning permission granted in July 2015

Potential completion

Q2 2017 52

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

53

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

54

The Orchard Centre Hammerson’s next fashion park

Target brands

55

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

24,800 m2 Total project cost

£165m Estimated annual income

£11m

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

In 2015, a number of consent applications were submitted and agreements with co-owners reached Awaiting confirmation of consents and final coownership agreements

Earliest start on site

Q4 2016 56

Les 3 Fontaines The scheme today

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The vision

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The vision

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The vision

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