CMS advises APG on £274m acquisition of VIA Outlets and £550m rights issue

International law firm CMS has advised APG Asset Management N.V. (APG), one of the world’s largest pension investors, on the £274 million purchase of substantially all of Hammerson plc’s stake in VIA Outlets (VIA), a leading European premium outlet operator with 11 outlets in nine countries. APG already owned 50% of VIA, which is a joint venture between Hammerson and APG. 

In conjunction with the sale of its interest in VIA, Hammerson has also undertaken a rights issue to raise a further £550 million. As one of Hammerson’s largest shareholders with a 19.6% stake, APG has undertaken to take up its rights. Both the rights issue and the sale of VIA are subject to Hammerson shareholder approval. It is anticipated that the sale of VIA will complete in the fourth quarter of 2020. 

Amanda Howard, CMS Partner and Head of the Funds and Indirect Real Estate Assets Team, comments: “We are delighted to have advised our longstanding client APG across nine of our international offices. Our team’s ability to assist APG on every aspect of this transaction through unprecedented times is a great display of the strength and quality of the firm’s cross-border M&A offering.”

Kristy Duane, CMS Partner in the ECM Practice, adds: “The capital markets advice we have provided to APG on this significant transaction demonstrates our unwavering ability to deliver for our clients. CMS has successfully acted on a number of similar transactions this year, as we continue to see an increase in capital markets activity.”

The CMS team was led by Amanda Howard and Kristy Duane and supported by Justin Coaley, Michelle Arbuckle and Alice Frydl (Corporate); Oliver Ellington and Daniel Kenzbrown (Banking); Lauren Alder and Preena Gandhi (Tax); Russell Hoare (Competition); and Cheryl Gurnham (Real Estate). Lawyers from CMS offices in the Czech Republic, Germany, Luxembourg, the Netherlands, Poland, Portugal, Spain and Switzerland offered cross-border advice.