Shopping Center Operator Hammerson Obtains Asset-Backed Loan

  • Hammerson secures a €350 million ($384.8 million) asset-backed loan
  • Dublin’s Dundrum Town Centre used as collateral
  • Non-recourse loan with Pimco Prime Real Estate and multiple lenders
  • Term up to 7 years, maturity in September 2031
  • Interest cost expected at around 5.5%

Hammerson, a shopping center operator, has secured a €350 million ($384.8 million) loan using Dublin’s Dundrum Town Centre as collateral. The non-recourse loan is facilitated by Pimco Prime Real Estate and multiple lenders with a term of up to seven years and maturity in September 2031, carrying an expected interest cost of around 5.5%. Hammerson and its joint-venture partner Allianz each contributed €175 million from existing cash for refinancing the existing €570 million facility due in September.

Factuality Level: 8
Factuality Justification: The article provides accurate and objective information about the loan agreement between Hammerson and Pimco Prime Real Estate, including details such as the amount, term, and purpose of the loan. It also clarifies the involvement of Allianz as a joint-venture partner and the expected interest cost.
Noise Level: 4
Noise Justification: The article provides relevant information about a financial transaction involving Hammerson and Pimco Prime Real Estate, but it lacks analysis or context that would make it more informative or insightful for readers.
Public Companies: Hammerson (HMSO)
Private Companies: Pimco Prime Real Estate,Allianz
Key People: Najat Kantouar (Author)

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Financial Relevance: Yes
Financial Markets Impacted: Hammerson, Pimco Prime Real Estate, Allianz
Financial Rating Justification: The article discusses a loan agreement between Hammerson and Pimco Prime Real Estate using Dundrum Town Centre as collateral, which impacts the financial situation of these companies and potentially affects the real estate market.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no mention of any extreme event in the text.
Deal Size: The deal size is 350000000.
Move Size: No market move size mentioned.
Sector: Real Estate
Direction: Up
Magnitude: Small
Affected Instruments: Stocks

Reported publicly: www.marketwatch.com