L Catterton believes Value Retail is well positioned for growth and continued success, whereas seller Hammerson sees it as an 'overweight, low-yielding' investment.
Hammerson, the British real estate developer and owner of major shopping malls across Europe, on Monday said it has agreed to sell its 42 percent stake inThe deal gives the business an enterprise value of 1.5 billion pounds, or $1.94 billion, and generates cash proceeds of 600 million pounds, or $775 million.
Calling it “a transformational deal,” Rita-Rose Gagné, chief executive officer at Hammerson, added: “I’m excited about the opportunity this gives us to build on our momentum and track record of the last three years. We are at a point in the cycle where I can now be on the front foot to capture the exceptional value-creation opportunities I see in the near, medium, and long term. This is exactly what this transaction will deliver.
“We have deep experience investing in luxury retail, and we are eager to leverage our operational expertise and global network of established relationships to partner with Value Retail and propel the business forward,” added Chu.and Bernard Arnault’s family holding company Financière Agache, has been active in the fashion and beauty M&A market for almost a decade.
Value Retail saw total brand sales in Europe and China climb 16 percent, and footfall jump 13.4 percent.
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