Hammerson Plc · LSE:HMSO
Hammerson — FY2020 Earnings Presentation
78 slides from Hammerson's earnings presentation, Mar 12, 2021
Slide 1: 2020 full-year results
2020 full-year results 12 March 2021
Slide 2: 2020 − a tough year for Hammerson
Introduction 2020 − a tough • Structural change accelerating year for • Weak capital structure – rights issue Hammerson • Great assets & a solid platform Immediate • Tactical disposals & refinancing priorities • Rent collection & lease pipeline • Strategic transformation Update at the half year 2
Slide 3: Agenda
Agenda Overview Financial results First impressions and immediate priorities Q&A 3
Slide 4: FY20 was defined by Covid-19 disruption
Overview FY20 was defined by Covid-19 disruption Income and Capital value Rights issue Board and earnings decline & disposal of management materially continues VIA Outlets changes impacted -41% -10.5% £834m Robert Noel Group LFL NRI LFL passing rent Gross proceeds(2) Chair of Board excluding premium
Slide 5: A year of unprecedented operational challenge
Overview A year of unprecedented operational challenge Footfall correlated with government restrictions – daily footfall vs previous year(1) Fully open Partial Essential Partial Fully open Essential Partial Essential 40% restrictions retail restrictions retail restrictions retail only only only 20%
Slide 6: 2020 progress – not just about Covid-19
Overview 2020 progress – not just about Covid-19 Debenhams repurposing, The Oracle DISTRICT - dining concept, Les 3 Fontaines Build-to-rent residential, Highcross Avril Organic, Italik House of Fraser repurposing, Dundrum Planning permission, Goodsyard & Martineau Galleries Flagships Retail parks 6
Slide 7: Leasing environment subdued
Overview Leasing environment subdued FY20 group leasing activity, excluding premium outlets (£m) 5.0 25 £22.6m 4.5 4.0 20 3.5 -35% 3.0 15 2.5 £14.6m 2.0 10 1.5 1.0 5 0.5 0.0 0 March May August February July January October November June September December April Monthly leasing 2020 (LHS) Cumulative
Slide 8: Leasing to new and existing brand partners
Overview Leasing to new and existing brand partners Established brands Covid-19 related Established brands New approaches 8
Slide 9: Adapting operational priorities during Covid-19
Overview Adapting operational priorities during Covid-19 Customer safety Crowd Checker Retail intelligence technology to help customers plan their visits >650k webpage visits Social media to keep customers informed >24k posts, generating 322m impressions and >6m links & likes Colleague safety >90% f
Slide 10: 2020 full-year results
Remember to wear a face covering
Slide 11: FY headline results
2020 full-year financial results FY headline results 31 December 2020 31 December 2019 Change Income statement IFRS loss (£m) 1,735 781 (122%) Net rental income (£m)(1) 157.6 308.5 (49%) Premium outlets earnings (£m)(2) 6.9 45.8 (85%) Adjusted earnings (£m) 36.5 214.0 (83%) (3) Adjusted EPS (p) 1.6
Slide 12: EPS walk – 2019 restatement
2020 full-year financial results EPS walk – 2019 restatement 2019 adjusted EPS restatement (pence per share) Weighted-average shares in issue 26.0 methodology • In September 2020, following a 1 for 5 share consolidation, the Company issued 3,678m 21.0 new ordinary shares through a rights issue 15.2
Slide 13: EPS walk
2020 full-year financial results EPS walk 2020 EPS walk (pence per share) 12.0 3.4 10.0 0.2 0.1 0.2 1.7 8.0 1.7 12.8 6.0 9.4 4.0 4.5 2.0 1.6 0.0 Dec Dec 20192019 restated Issue of shares Net admin Tax & FX Net interest Premium outlets Disposals and NRI LFL Dec Dec2020 2020 restated(1) other NRI 1 20
Slide 14: LfL NRI analysis
2020 full-year financial results LfL NRI analysis 2020 FY LfL NRI analysis UK flagships France flagships Ireland flagships UK retail parks -17.5% Tenant restructuring -3.1% -0.2% -27.9% (CVAs/administrations) -10.6% Provisions for arrears(1) -7.4% -18.1% -2.5% -7.2% -1.8% -2.4% -9.4% Provisions for
Slide 15: Rent collection performance
2020 full-year financial results Rent collection performance(1) Amount Not yet Deferred Collected Waived Outstanding Collected Collected payable due into 2021 (£m) (£m) (£m) at at (£m) (£m) (£m) 5 March 31 July 21(2) 20 Q1(3) 67.8 - 0.0 66.5 0.0 1.3 98% 96% Q2(4) 66.7 - 2.0 40.5 16.1 8.1 63% 46% H1
Slide 16: Provisions for arrears
2020 full-year financial results Provisions for arrears FY20 provisions vs H120 Trade receivables Change since Provisions at Change since Net trade Change at 31 Dec 2020(1) 30 June 2020 31 Dec 2020 30 June 2020 receivables since June £m £m £m £m % ppts UK 82.1 +7.0 53.1 +30.0 65 +34 France 28.6 -8.2
Slide 17: Net Tangible Assets Per Share (NTAPS) walk – 2019 restatement
2020 full-year financial results Net Tangible Assets Per Share (NTAPS) walk – 2019 restatement 2019 EPRA NTAPS reconciliation to old EPRA NAV, and restatement (pence per share)(1) 19 575 • EPRA launched new net asset metrics effective for 2020 475 • EPRA NTA includes deduction for only 50% of deferr
Slide 18: NTAPS walk
2020 full-year financial results NTAPS walk 2020 EPRA NTAPS movement (pence per share) 125 1 3 4 13 115 6 105 35 95 116 85 82 75 Dec 2019 Scrip dividend Proceeds from rights issue Adjusted earnings VIA Outlets Outlets reval Property reval Dec 2020 (1) EPRA NTA disposal loss EPRA NTA restated 1 Impai
Slide 19: Portfolio valuation summary
2020 full-year financial results Portfolio valuation summary Sector FY 2020 H2 2020 Value at Portfolio capital return(1) capital return(1) 31 Dec 20(2) weighting(2) % % £m % Flagship destinations UK (35.8) (18.7) 1,511 24 France (15.3) (6.4) 1,147 18 Ireland (17.5) (8.4) 757 12 UK retail parks (23.3
Slide 20: Net debt analysis
2020 full-year financial results Net debt analysis Net debt analysis (£m)(1) 2,800 Adj. operating profit 125 2,700 Working capital changes (143) 2,600 Non-cash items 70 532 Cash from operations 52 2,500 Net interest (91) 2,400 2,843 Tax paid (1) 2,300 VR profit distribution 6 Net cash outflow (34) 2
Slide 21: Balance sheet metrics
2020 full-year financial results Balance sheet metrics 31 Dec 2020 31 Dec 2020 31 Dec 2019 (pro forma)(1) Net debt £2,161m £2,234m £2,843m Liquidity £1,821m £1,748m £1,210m Group debt Internal 31 Dec 2020 31 Dec 2020 31 Dec 2019 covenants guidelines (pro forma)(1) Gearing(2) <150%/175% <85% 68% 70%
Slide 22: Covenant headroom
2020 full-year financial results Covenant headroom Total Group at Pro forma(1) Absolute headroom 31 December 2020 on pro forma Gearing (cov. <150%) 70% 68% 28% valuation decline UAR (cov. >1.25/1.50x)(1) 1.89x 1.95x 36% valuation decline(2) ICR 1.81x 1.77x 29% NRI decline Date of Cumulative HMSO cap
Slide 23: Debt maturity profile
2020 full-year financial results Debt maturity profile Debt maturity profile at 31 December 2020 (£m)(1) Liquidity position (£m) £m Sterling Euro bonds bonds 1.9% avg RCF – fully undrawn 1,000 4.7% avg coupon 1,245 coupon Cash 503 900 Private Secured debt placement 1.9% avg Total liquidity 31 Decemb
Slide 24: FY21 modelling assumptions
2020 full-year financial results FY21 modelling assumptions Assume rent collection patterns similar to FY20 Q2-Q4 during periods of government restrictions, with recovery thereafter Targeting broadly flat aggregate administration and net finance costs, although dependant on disposals and refinancing
Slide 25: First impressions and immediate priorities
First impressions and immediate priorities
Slide 26: First impressions: Quality of assets
First impressions Portfolio, capital structure and operations Quality of assets Some great assets & locations Diverse tenant mix & proven ability to attract best brands Potential for partitioning and creating urban mixed use 100 acre land bank represents strategic opportunity Too retail fo
Slide 27: First impressions: Balance sheet
First impressions Portfolio, capital structure and operations Balance sheet Rights issue & VIA Outlets disposal restored covenant headroom Diverse portfolio and sufficient liquidity enables selective disposals Debt is too high– reduction needed Refinancing requirements – maturities to manage
Slide 28: First impressions: Colleagues & platform
First impressions Portfolio, capital structure and operations Colleagues & platform ‘Blue chip’ JV partners Innovative asset management approach Strong track record & commitment to sustainability Operational vs investor mindset bias Streamlining of organisation necessary Greater focus re
Slide 29: Simplify, streamline and be ready for strategic opportunities
Immediate priorities Simplify, streamline and be ready for strategic opportunities Balance sheet Strategy Operational • Execute tactical disposal opportunities in • Conclude comprehensive portfolio review • Focus on performance and efficiency more liquid markets to underpin: • Future shape of Hammer
Slide 30: Focus on near-term disposals
Immediate priorities Focus on near-term disposals Initial review of portfolio completed in Q4 20 to establish 10% • Liquidity of asset classes 24% • Initial classification: immediate disposal, medium term disposal, long-term hold Portfolio value Initial review underpins current execution 30% £6.3bn
Slide 31: Conclusion
Conclusion 2020 defined by Impact of Covid-19 pandemic on the retail sector Limited leasing & investment market activity Rights issue and sale of VIA Outlets Immediate priorities Execute tactical disposals & manage upcoming refinancing Maximise rent collection & revive leasing pipeline Conclude port
Slide 32: Questions
Questions
Slide 33: Additional disclosure
Here for final list ticking Shop smart, shop safe
Slide 34: Contents
Contents 01 Group 02 Net Positive 03 UK 04 France 05 Ireland 06 Premium outlets 07 Land bank 34
Slide 35: Group
We’re reopening 15 June
Slide 36: Group statistics 2020
Additional disclosure: Group Group statistics 2020 UK France Ireland Retail Group(1) parks Occupancy (%) 93 95 98 93 94 Leasing activity (£m) 6 3 1 4 15 Leasing activity – principal only (£m) 2 2 - 4 9 Leasing vs. ERV (%) -40 -20 -32 -26 -32 Leasing vs. ERV – principal only (%) -14 +5 -2 -15 -10 Lea
Slide 37: Group statistics 2019
Additional disclosure: Group Group statistics 2019 UK France Ireland Retail Group(1) parks Occupancy (%) 97 97 100 97 97 Leasing activity (£m) 11 6 2 3 23 Leasing activity – principal only (£m) 8 4 1 2 16 Leasing vs. ERV (%) -27 -17 -5 -7 -22 Leasing vs. ERV – principal only (%) -8 +5 -2 +1 -4 Leasi
Slide 38: 2020 Group leasing cumulative activity
Additional disclosure: Group 2020 Group leasing cumulative activity 2020 leasing and cumulative vs. 2019 (£m)(1) Leasing volumes Dec 20 Dec 19 £m £m 5 25.0 UK 5.6 11.2 4.5 France 3.2 6.0 4 20.0 3.5 Ireland 1.1 2.1 3 15.0 Total flagships 9.9 19.3 2.5 2 10.0 UK retail parks 3.8 2.6 1.5 UK other 0.9 0.
Slide 39: Flagship destinations FY20 leasing vs previous passing rent and ERV
Additional disclosure: Group UK, France and Ireland flagship destinations FY20 leasing vs previous passing rent and ERV UK France Ireland % vs previous % vs previous % vs previous Type £’000s % vs ERV £’000s % vs ERV £’000s % vs ERV passing passing passing Principal 2,397 -13 -14 2,458 1 5 32 -17 -2
Slide 40: Rent collection performance
Additional disclosure: Group Rent collection performance UK flagships France Ireland Retail parks Collected at Collected at Collected at Collected at Collected at Collected at Collected at Collected at 5 March(2) 31 July 5 March(2) 31 July 5 March(2) 31 July 5 March(2) 31 July (%) (%) (%) (%) (%) (%
Slide 41: Run rate of tenant restructuring in the UK & Ireland
Additional disclosure: Group Run rate of tenant restructuring in the UK & Ireland Annualised rent lost by quarter since January 2018 (£m)(1) 6.0 5.0 4.0 3.0 2.0 1.0 - Q118 Q218 Q318 Q418 Q119 Q219 Q319 Q419 Q120 Q220 Q320 Q420 Reduced rent Stores closed 1 Lost passing rent based on prior passing les
Slide 42: Tenant restructuring: December 2017 – December 2020
Additional disclosure: Group Tenant restructuring: 31 December 2017 – 31 December 2020 UK France Ireland UK UK Group flagships flagships flagship retail parks other Number of units impacted(1) 257 80 12 53 30 432 Passing rent pre restructuring (£m)(1) 32.3 4.9 3.0 10.9 3.0 54.1 Current passing rent
Slide 43: Lockdown calendar of closures
Additional disclosure: Group Lockdown calendar of closures 2020 2021 % retailers fully open Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb England Scotland Ireland France 100% Fully Open 75% Partial Restrictions 50% Heavy Restrictions 25% Partial Month Lockdown 0% Essential Retail Only 43
Slide 44: Top tenants exposure
Additional disclosure: Group Top 20 tenants exposure(1) % of % of Rental Rental Retailer passing % of NIA Retailer passing % of NIA Exposure (£m) Exposure (£m) rent rent Inditex 8.8 3.3% 2.3% John Lewis 3.3 1.2% 6.9% H&M 8.3 3.1% 2.5% Sainsbury’s 3.2 1.2% 1.2% Next 7.0 2.6% 4.4% Superdry 2.9 1.1% 0.
Slide 45: Low exposure to any single occupier in any region
Additional disclosure: Group Low exposure to any single occupier in any region(1) UK (incl. Retail parks) France Ireland Rental % of Rental % of Rental % of % of % of % of Retailer exposure passing Retailer exposure passing Retailer exposure passing NIA NIA NIA (£m) rent (£m) rent (£m) rent Next 6.0
Slide 46: Reconciliation to new EPRA measures as at December 2020
Additional disclosure: Group Reconciliation to new EPRA measures as at 31 December 2020 (£ million) New metrics Old metrics Old metrics NRV NTA NTV NAV NNNAV IFRS and diluted NAV 3,208.8 3,208.8 3,208.8 3,208.8 3,208.8 Exclude: deferred tax 197.8 98.9 - 197.8 - Exclude: fair value of interest rate s
Slide 47: 2020 components of valuation change
Additional disclosure: Group 2020 components of valuation change Components of capital return in 2020, total portfolio (%)(1) 1.1% 0% -0.3% -0.3% -1.3% -1.8% -1.9% -2.4% -5% -5.5% -6.4% -6.2% -6.9% -10% -8.1% -8.8% -8.9% -10.1% -10.2% -11.1% -11.1% -12.8% -15% -15.3% -16.4% -17.5% -20% -19.4% -19.9%
Slide 48: 2020 valuation data (NIY)
Additional disclosure: Group 2020 valuation data (NIY) UK France Ireland UK retail UK other Total flagships flagships flagships parks NIY (%) 31 December 2020 6.6 4.4 4.6 7.9 6.2 5.7 30 June 2020 5.9 4.3 4.6 7.9 5.9 5.4 31 December 2019 5.5 4.1 4.1 7.3 7.4 5.1 Change 6m (pp) 0.7 0.1 - - 0.3 0.3 Chan
Slide 49: 2020 valuation data (TEY)
Additional disclosure: Group 2020 valuation data (TEY) UK France Ireland UK retail UK other Total flagships flagships flagships parks True equivalent yield (%) 31 December 2020 7.6 5.0 5.2 8.8 9.6 6.5 30 June 2020 6.9 4.8 4.9 8.4 9.1 6.2 31 December 2019 6.2 4.7 4.7 7.6 9.4 5.8 Change 6m (pp) 0.7 0.
Slide 50: 2020 valuation data (ERV)
Additional disclosure: Group 2020 valuation data (ERV) UK France Ireland UK retail UK other Total flagships flagships flagships parks ERV (£m) 31 December 2020 132.4 62.9 39.0 35.4 10.0 279.7 30 June 2020 144.2 64.7 42.0 38.2 10.2 299.3 31 December 2019 154.5 65.1 42.2 42.5 12.0 316.3 LfL change -8.
Slide 51: Key disposals achieved 2019 – 2021 YTD
Additional disclosure: Group Key disposals achieved 2019 – 2021 YTD NIY Gross Buyer proceeds (%) £m 2019: Dallow Road, Luton 7.6 24 Private equity Italie Deux, Paris (75%) 4.1 363 AXA Abbotsinch, Paisley 7.8 67 Ashby Capital St Oswald's Retail Park, Gloucester 8.5 54 Local authority Parc Tawe, Swans
Slide 52: LTV methodology
Additional disclosure: Group LTV methodology 31 December 2020 31 December 2020 31 December 2019 (pro forma)(1) Headline Fully proportionally Headline Fully proportionally Headline Fully proportionally Net debt (£m) consolidated (£m) (£m) consolidated (£m) (£m) consolidated (£m) Group 2,161 2,161 2,2
Slide 53: Maintenance capex 2018-2020: flagships
Additional disclosure: Group Maintenance capex 2018-2020: flagships 2020 2019 2018 Service charge (maintenance) Service charge income (£m) 55 69 73 Maintenance expenditure within service charge (£m) 13 13 13 Examples: Painting, flooring upkeep, M&E: CCTV, wifi , IT systems maintenance Capital expend
Slide 54: Net Positive
Time for nature
Slide 55: ESG focus continued through pandemic
Additional disclosure: Net Positive ESG focus continued through pandemic and we remain committed to delivery against our agenda and working with our investors to go further 2020 performance 2021 Priorities Corporate Governance • -29% Carbon emissions intensity year on year • Focus on climate risk re
Slide 56: Energy and carbon performance and targets
Additional disclosure: Net Positive Energy and carbon performance and targets 2020 2019 2018 2022 2021 Targets/Performance Out turn Out turn Out turn Target Target (target) (target) (target) CO2e – absolute (EPRA LfL) -11% -15% -29% (-14%) -12% (15%) -18% (-18%) CO2e (whole portfolio) -11% -20% -36%
Slide 57: Medium-term trend – carbon emissions & energy demand
Additional disclosure: Net Positive Medium-term trend – carbon emissions & energy demand (directly managed assets) Total Carbon emission from Carbon Intensity/M2 Common Energy Intensity /M2 Common energy Parts Parts 40,000 80 300 71 33,703 257 35,000 70 250 30,000 60 Tonnes CO2e/M2 CPA p.a. 27,112 1
Slide 58: Industry benchmarks
Additional disclosure: Net Positive Industry benchmarks Performance in industry benchmarks remains Minimum Energy Efficiency Standards (MEES) Risk consistently positive MEES risk is minimal and being managed out through lease events. >90% of EPCs are E or above 2020 2019 A rating GRESB Green Star 4,
Slide 59: 2019 Climate Risk Review
Additional disclosure: Net Positive 2019 Climate Risk Review 2030s 2050s Implications UK & I France UK & I France • Physical climate risk for the portfolio is relatively low. Winter -0.2 - +0.85 - +0.0 - +1.4 - • Key focus points are increased exposure to extreme Low (ºC) -0.3 +1.86 +0.3 +2.3 weathe
Slide 60: The Giving Back Project
The Giving Back Project
Slide 61: UK flagships and Retail Parks portfolio
Additional disclosure: UK UK flagships and Retail Parks portfolio 17% 83% Portfolio value(1) £2.2bn Flagships Flagships with adjacent land bank Retail Parks 1 By value at 31 December 2020 including developments 61
Slide 62: 2020 UK flagship leasing performance
Additional disclosure: UK 2020 UK flagship leasing performance 2020 UK flagship destinations leasing and cumulative vs. 2019 (£m) 2020 leasing £m 5 12 4.5 Principal leasing 2.4 10 4 3.5 Reconfigurations 0.8 8 3 Flexible and other 2.4 2.5 6 2 Total 5.6 4 1.5 1 2 0.5 UK flagship leasing key facts 0 0
Slide 63: 2020 Retail parks leasing performance
Additional disclosure: UK 2020 Retail parks leasing performance 2020 UK Retail parks leasing and cumulative vs. 2019 (£m) 2020 leasing £m 5 4 4.5 3.5 Principal leasing 3.5 4 3.5 3 Reconfigurations - 2.5 3 Flexible and other 0.3 2.5 2 2 1.5 Total 3.8 1.5 1 1 0.5 UK flagship leasing key facts 0.5 0 0
Slide 64: France
7 E-Match 3 Sessior OOO)
Slide 65: France flagship destinations
Additional disclosure: France flagship destinations Portfolio remains weighted towards flagship assets Largest three assets: 91% of portfolio(1) Portfolio value(1) £1.3bn Les Terrasses du Port Italie Deux (25%) Les 3 Fontaines Other Flagships Flagships with adjacent land bank 1 By value at 31 Decemb
Slide 66: 2020 France flagship leasing performance
Additional disclosure: France flagship destinations 2020 France flagship leasing performance 2020 France flagship destinations leasing and cumulative vs. 2019 (£m) 2020 leasing £m 1.2 7 Principal leasing 2.5 6 1.0 Reconfigurations 0.5 5 0.8 Flexible and other 0.2 4 0.6 Total 3.2 3 0.4 France flagshi
Slide 67: Ireland
An important update
Slide 68: Ireland flagship destinations
Additional disclosure: Ireland flagship destinations 200,000m2 of prime space plus sustainable development opportunities Key retail centres map Portfolio value(1) £0.9bn Dundrum Pavilions Ilac Developments 1 By value at 31 December 2020 including developments 68
Slide 69: 2020 Ireland flagship leasing performance
Additional disclosure: Ireland 2020 Ireland flagship leasing performance 2020 Ireland flagship destinations leasing and cumulative vs. 2019 (£m) 2020 leasing £m 0.5 2.5 0.4 Principal leasing - 0.4 2 Reconfigurations 0.4 0.3 Flexible and other 0.7 1.5 0.3 Total 1.1 0.2 1 0.2 UK flagship leasing key f
Slide 70: Premium Outlets
Get what you really want Winter sales now on Shop smart, stiapsafe.
Slide 71: FY 2020 operational update
Additional disclosure: Premium outlets FY 2020 operational update Value Premium outlets value creation (£m) Retail(1) Property valuations (£m) 1,924 9 year IRR - 16% 1,200 Brand sales reduction (%) -45 Footfall reduction (%) -44 1,000 Sales density reduction (%) -45 800 (155) Like-for-like NRI (%) -
Slide 72: Tiered European outlet market
Additional disclosure: Premium outlets Tiered European outlet market Sales densities €/m2 €30,000+ International fashion and luxury brands €2,000–€10,000 Mainstream fashion brand outlets <€2,000 Low-end discount outlets 72
Slide 73: Premium outlets portfolio
Additional disclosure: Premium outlets Premium outlets portfolio Value Retail Villages Bicester Village, Oxford GLA: 28,100m2 Boutiques: 163 La Roca Village, Barcelona GLA: 22,800m2 Boutiques: 130 Las Rozas Village, Madrid GLA: 16,600m2 Boutiques: 100 La Vallée Village, Paris GLA: 21,600m2 Boutiques
Slide 74: Hammerson's total investment in Value Retail
Additional disclosure: Premium outlets Hammerson’s total investment in Value Retail Holding companies 25% equity Las Rozas La Vallée Maasmechelen Wertheim Ingolstadt Kildare Bicester Village La Roca Village Fidenza Village Village Village Village Village Village Village 37 29 25 14 14 22 33 2 29 50
Slide 75: Luxury outlets incur higher costs to generate outperformance
Additional disclosure: Premium outlets Luxury outlets incur higher costs to generate outperformance Value Retail – 2020 earnings walk (£m) GRI: 64% fixed, remainder turnover; includes GRI 71.7 brand inducement amortisation Property outgoings (26.0) Property outgoings: includes significant marketing
Slide 76: Absolute sales growth delivered through active management
Additional disclosure: Premium outlets Absolute sales growth delivered through active management, acquisitions and extensions VR Sales and Sales Growth 2012 – 2020 (€m)(1) 3500 +9% 3000 +8% +8% +8% 2500 +12% +11% 2000 +12% -45% +13% 1500 1000 500 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 H1 Sal
Slide 77: Land bank
Shop essentials We’re here for you
Slide 78: Land bank opportunity
Additional disclosure: Land bank Land bank opportunity Retail F&B Residential Workspace Leisure Education Culture Hotel Public spaces Outline Earliest Key schemes Area planning/ start on policy site Les 3 Fontaines, Cergy On- site 8,400m2 on-site On site St Peters Lane, Leicester 27,000m2 2021