Latest news with #TheOracle
Fashion Network
21-05-2025
- Business
- Fashion Network
Hammerson shines in 'excellent year', confirms almost full control of Brent Cross
An upbeat CEO Rita-Rose Gagne said: 'We have welcomed over 50 million visitors to our destinations so far in 2025 [and] we've continued to execute our growth strategy and delivered strong operational momentum, with another period of record leasing, increased year-on-year occupancy, investment and consolidation in our assets.' As a result, Hammerson now expects total GRI (global reporting initiative) growth in the region of 10% for 2025 and re-affirmed its adjusted earnings guidance for the full year. Those 50 million visitors so far in 2025 supports its claim that footfall and sales 'have continued to be robust'. Group like-for-like sales were also up 1% for the first quarter, including a particularly strong performance in March in the UK (+2%), 'with the benefit of Easter falling in Q2 yet to come'. Another strong leasing performance in the year to 16 May has already outstripped last year's record performance with the exchange of 93 leases, representing 424,000 sq ft of space, totalling £15.5 million of headline rent at 100%, 59% ahead of previous passing rent, and 12% ahead of ERV. Reflecting the continuing high demand and strong leasing performance, year-on-year occupancy increased by 70bps in the first quarter to 94%, it noted. There's also a 'high visibility' of future income with long-term deals representing 91% by value and the weighted average unexpired lease term to break is 5.4 years, adding £76m of contracted rent year-to-date. The pipeline remains strong with over £25 million in solicitor's hands and in advanced negotiations. Following the investment in asset repositioning, Hammerson sees major new openings this year including a flagship M&S and Odeon at Cabot Circus, Hollywood Bowl and TK Maxx at The Oracle, and a unique partnership between Adidas and Aston Villa at the Bullring. It also completed the major reletting associated with the former House of Fraser at The Oracle, having signed deals last week for significant upsizes with Zara and another major global brand. It also looks forward to welcoming an upsized and new concept Pull & Bear and upsized JD Sports at Dundrum. 'These leases support significant rental growth, and together are ahead of previous passing rents and ERVs', it added. And that updated guidance comes alongside strong operational momentum so it now expects total GRI growth for FY25 to be in the region of 10%, with adjusted earnings of around £95 million. Also, Hammerson gave further details on its Brent Cross acquisition, acquiring almost a 100% stake in the centre for a net cash consideration of £186 million. It said this represents a 16% discount to book value as at 31 December 2024 for the destination and a net initial yield of 8.6%. Combined with Hammerson's existing managing stake, the company's economic interest in Brent Cross is currently 97%, and will provide annualised EBITDA benefit of around £14 million.
Fashion Network
21-05-2025
- Business
- Fashion Network
Hammerson shines in 'excellent year', confirms almost full control of Brent Cross
An upbeat CEO Rita-Rose Gagne said: 'We have welcomed over 50 million visitors to our destinations so far in 2025 [and] we've continued to execute our growth strategy and delivered strong operational momentum, with another period of record leasing, increased year-on-year occupancy, investment and consolidation in our assets.' As a result, Hammerson now expects total GRI (global reporting initiative) growth in the region of 10% for 2025 and re-affirmed its adjusted earnings guidance for the full year. Those 50 million visitors so far in 2025 supports its claim that footfall and sales 'have continued to be robust'. Group like-for-like sales were also up 1% for the first quarter, including a particularly strong performance in March in the UK (+2%), 'with the benefit of Easter falling in Q2 yet to come'. Another strong leasing performance in the year to 16 May has already outstripped last year's record performance with the exchange of 93 leases, representing 424,000 sq ft of space, totalling £15.5 million of headline rent at 100%, 59% ahead of previous passing rent, and 12% ahead of ERV. Reflecting the continuing high demand and strong leasing performance, year-on-year occupancy increased by 70bps in the first quarter to 94%, it noted. There's also a 'high visibility' of future income with long-term deals representing 91% by value and the weighted average unexpired lease term to break is 5.4 years, adding £76m of contracted rent year-to-date. The pipeline remains strong with over £25 million in solicitor's hands and in advanced negotiations. Following the investment in asset repositioning, Hammerson sees major new openings this year including a flagship M&S and Odeon at Cabot Circus, Hollywood Bowl and TK Maxx at The Oracle, and a unique partnership between Adidas and Aston Villa at the Bullring. It also completed the major reletting associated with the former House of Fraser at The Oracle, having signed deals last week for significant upsizes with Zara and another major global brand. It also looks forward to welcoming an upsized and new concept Pull & Bear and upsized JD Sports at Dundrum. 'These leases support significant rental growth, and together are ahead of previous passing rents and ERVs', it added. And that updated guidance comes alongside strong operational momentum so it now expects total GRI growth for FY25 to be in the region of 10%, with adjusted earnings of around £95 million. Also, Hammerson gave further details on its Brent Cross acquisition, acquiring almost a 100% stake in the centre for a net cash consideration of £186 million. It said this represents a 16% discount to book value as at 31 December 2024 for the destination and a net initial yield of 8.6%. Combined with Hammerson's existing managing stake, the company's economic interest in Brent Cross is currently 97%, and will provide annualised EBITDA benefit of around £14 million.
Yahoo
05-05-2025
- Sport
- Yahoo
Roosters tell unlikely hero he's free to follow Terrell May and leave the club
The Sydney Roosters are reportedly willing to part ways with Zach Dockar-Clay if the hooker can secure a deal at another club for next season. Dockar-Clay has become an unlikely hero for the Roosters in recent weeks, playing 74 minutes against the Dolphins last weekend when Sandon Smith was ruled out with concussion. Starting hooker Connor Watson was forced to switch to five-eighth, meaning Dockar-Clay played big minutes at dummy-half. He topped the tackle count for the Roosters with 37, and only a mishap while putting the ball down prevented him from scoring what would have been an extraordinary team try. He was dynamic off the bench against the Dragons in Round 8, producing a line-break assist in 22 minutes in their 46-18 win. The 30-year-old has cemented his place in the NRL side in recent weeks, but he could be facing a sad reality when it comes to extending his stay. According to Daily Telegraph columnist 'The Oracle', coach Trent Robinson is happy for Dockar-Clay to depart if he can find a new club for 2026. The hooker is a free agent and only contracted to the Roosters until the end of this season, meaning he's free to negotiate with rival clubs. "[Robinson] told me he is off contract and would be happy for him if he was offered a decent deal elsewhere from 2026," 'The Oracle' wrote on Sunday. "A shame, because he is a very talented player." Considering his form over the last few weeks, it might not go down well with Roosters fans if they don't try and re-sign him. One wrote on social media: "Would be a huge mistake letting him go, he's such a huge asset to the team." Another added: "Why do the Roosters always seem happy to see players go elsewhere?" Would be a huge mistake letting him go, he's such a huge asset to the team — NRL Silverback (@NRLSilverback) May 4, 2025 He's actually a better 9 than Watson but Robson becomes 9 and Watson 14 so no room — Ryan D (@ryand1one) May 5, 2025 I always thought he was a gun when he was coming through at parra — Bgal1986 (@Bgal1486) May 4, 2025 He'd be close to the first person I'd be signing if I was in charge of recruitment for the Perth Bears if they actually join the comp in 2027. They'll get him relatively cheap and he'll be a very reliable player for them — Lachlan Jeffery (@LachlanJeffery) May 4, 2025 He deserves first grade. If we are willing to let him go, it may be due to either the development of moriaty, or sandon/savala filling in at 14 when we are fully fit, with Robson at 9, Connor at 13, walker at 7 and one of the young guns at 6. — Dadbod_dave_foketi_szn (@back_in_my_daze) May 4, 2025 The situation with Dockar-Clay comes after the Roosters made the extraordinary decision to part ways with Terrell May in the off-season. May has become one of the most talented and dynamic front-rowers in the NRL, and is on the cusp of selection for NSW in State of Origin. The Roosters' decision to let him walk to the Wests Tigers has been widely criticised, especially after he made a stunning start to life under Benji Marshall at his new club. The decision to let Dockar-Clay leave makes more sense considering the Roosters are set to be spoiled for choice at hooker in 2026. RELATED: Billy Slater could be forced to axe Queensland State of Origin hero Andrew Johns ignores Edwards and Tedesco in big NSW fullback call NSW dummy-half Reece Robson is set to join the Chooks from the Cowboys next season, which will likely push Watson to lock. Sandon Smith is also facing the prospect of being shunted to the bench, despite finding his feet at No.6 in recent weeks and starring against the Dragons. A popular theory is that Daly Cherry-Evans will be at the Roosters in 2026 and partner Sam Walker in the halves when the latter returns from injury. That would leave Smith fighting for a spot on the bench, which would likely see Dockar-Clay back in reserve grade.
