Hammerson PLC (LSE:HMSO) upgraded its guidance for the current financial year as it also announced that it has acquired the full ownership in The Oracle shopping centre in Reading for £104.5 million.
The acquisition of the remaining 50% stake it did not already own was from a subsidiary of the Abu Dhabi Investment Authority.
It is expected to contribute around 5% to the group’s EPRA earnings in 2026.
Hammerson highlighted strong leasing activity at the asset, including new flagship stores for Zara and Apple, both due to open in the first half of 2026.
Occupancy at The Oracle has risen to 97% this year, up from 93%, with footfall in the past quarter up 10% year-on-year and while gross rental income increased 9%.
Hammerson said for the current financial year it now expects gross rental income growth of 19% and EPRA earnings of at least £102 million, up from previous guidance of around £101 million.
CEO Rita-Rose Gagné said: "We have seized the opportunity to gain full control of The Oracle, an asset in transition, to capture the growth opportunities ahead."
She added: "Our recent investments at The Oracle have driven an uplift in footfall, sales and leasing... There is more to come."
The company refinanced debt during the period, issuing a €350 million bond and repaying a £338 million bond from existing cash.
Following the Oracle acquisition, the group’s pro forma loan-to-value ratio is 37% with net debt to EBITDA expected to fall to around 8x by the end of the 2026 financial year.