Hammerson sells non-core assets to fund acquisition of Dublin's Ilac Centre

UK property developer and investor Hammerson has announced the sale of non-core assets totalling £69 mln (€82 mln), comprising various holdings in central Dublin and one additional non-core investment.

The Ilac

Combined with the final disposal in Leeds last January, the company has now divested £75 mln (€89 mln) in non-core assets in 2026, achieving a substantial premium to book value.

The central Dublin properties were sold to Transport Infrastructure Ireland to facilitate critical infrastructure for the city’s upcoming Metrolink rail system. Hammerson retains other strategic holdings in Dublin that offer future development, partnership, and value-creation opportunities.

The proceeds align with Hammerson's capital allocation strategy, which prioritises strengthening the balance sheet and redeploying capital into existing assets and new ventures with attractive yields. The company recently finalised the acquisition of the remaining 50% stake in the Ilac Centre, giving Hammerson full ownership of the iconic Dublin city centre destination.

Located on Henry Street, one of Dublin City’s busiest streets, The Ilac has been a pioneering presence in the city's retail landscape since its opening in 1981 thanks to its central location. 

Rob Wilkinson, CEO of Hammerson, commented: “These transactions are further testament to our focus on driving value from development activity and non-core disposals while recycling capital into JV buyouts. In Ireland, it shows us committing to what we do best – investing in schemes that are exceptional hubs for brands and experiences that meet the needs of our customers, the community and Dublin at large.”