Hammerson in Ireland 20 September 2016

Dundrum, Dublin

Today’s agenda

01 Introduction – Hammerson in Ireland David Atkins – CEO, Hammerson

02 Economic backdrop and the Irish consumer Conall MacCoille – Chief Economist, Davy

03 The retail property market Marie Hunt – Head of Research, Ireland, CBRE

04 Value creation across the portfolio Simon Betty – Director of Retail, Ireland, Hammerson

2

3 (1) As at 30 June 2016, pro-forma including value of Irish portfolio

Diversified portfolio(1)

Hammerson invests in prime retail assets throughout Europe

Gross asset value

£9.9bn

UK shopping centres

£3.3bn

France £2.1bn

UK retail parks

£1.5bn

Premium outlets

£1.4bn

Ireland retail £1.0bn

Other/ developments

£0.6bn

Other/ developments 6%

Pan-European assets

UK shopping centres

34%

France 21%

UK retail parks 15%

Premium outlets 14%

Ireland retail 10%

Hammerson in Ireland

Hammerson’s exceptional Irish platform

4 (1) Davy forecasts

Leading market share

220,000m2 of prime retail space

Europe’s fastest growing economy

2016 GDP growth c.5%; nominal retail sales growth c.4% (1)

Trophy asset

Dundrum is Ireland’s largest and foremost super-prime retail and leisure scheme

Apply Hammerson best in class

Significant value upside in asset management

Future development pipeline

Extensions and unique 5-acre central-Dublin site

Hammerson in Ireland

Transaction in-line with Hammerson’s strategy

Dundrum adds 140,000m2 of super-prime retail space

5

High-quality property

Incremental capital invested into high-growth end-market

Income generation

Transaction funded through disposals and new debt

Capital strength

Retail is polarising towards large, well-located, prime retail

• Retailers more selective with store footprint

• Physical space needs to be appealing (eye-catching, well-located, mix of stores and services, food and leisure etc.)

• Scarcity value for best prime retail

• Enduring returns: Bullring 10-year average LfL NRI 3.4% p.a. (vs IPD flat)

Create platform for future earnings growth

• Position shopping centre portfolio towards fast-growing cities (Dublin, London, Birmingham, Paris, Leeds, Marseille)

• Pro-active approach to asset management

• Focused on consistent LfL NRI

European diversification

• At least 40% of assets now located outside UK

Disciplined use of capital

• Target completion of £500m disposal programme before end of 2016 (£380m to date)

• Disposals from all parts of portfolio

• Maintain appropriate leverage to match diversified, resilient income profile

Continuous capital recycling (c.£300m disposals p.a.)

• Fund future growth opportunities

• Lift quality of portfolio

Hammerson strategic goal

Transaction feature

Strategic rationale

Hammerson in Ireland

6 (1) FX rate GBP:EUR 1.18 (as at 16 September 2016) (2) Ilac and Pavilions ownership subject to pre-emption. Irish Life waived pre-emption at the Ilac Centre. Now commencing Pavilions pre-emption process. Both schemes also subject to

EU competition clearance (3) Excluding development land. Yield on Dundrum excluding Phase 2 development site. See appendix page 39 for details of Hammerson portfolio (4) ‘Other’ includes income from development sites at Pavilions and Swords

Dundrum Town Centre

Pavilions, Swords

Ilac Centre

Other

Split of portfolio by passing rent (HMSO share)(2)(4) Ireland portfolio in figures (1)

Face value of loans (100%) €2.57bn (£2.2bn)

Loan purchase price (100%) €1.85bn (£1.6bn)

HMSO portfolio acquisition cost (2) €1.23bn (£1.0bn)

Total retail space 220,000m2

Number of shoppers p.a. 48 million

Development land 27 acres

Passing rent (HMSO share) €45m (£38m)

Portfolio NIY (3) 4.0%

Dundrum NIY (3) 3.7%

Dundrum NEY (3) 4.0%

Asset management fee: Hammerson receives an asset management fee for Dundrum in line with other properties

Projected 5-year ungeared IRR (ex developments)

7 – 8%

Overview of portfolio financials

Portfolio synergies

High overlap with UK retail tenant mix Familiar consumer profile and preferences

Shared overhead cost base Marketing and digital roll-out

An experienced management team on the ground

7

Simon Betty Director of Retail, Ireland

Kevin Nolan Finance Director

Claire-Ann Minogue Asset Manager

Rob Van Vliet Asset Manager

Andrew Diggins Asset & Development Manager

Neil McDermott Financial Controller

Laura Bergin Commercialisation Manager

Don Nugent Centre Director, Dundrum Town Centre

Jean Lawrie Team Administrator

Kevin McGowan Facilities & Development Manager

Hammerson in Ireland

David McNamara

david.mcnamara@davy.ie

Conall MacCoille

conall.maccoille@davy.ie

Davy Hammerson Site Visit Presentation

September 2016

9

Making sense of Ireland’s GDP figures

• Headline GDP figures indicate 26.3% GDP growth in 2015

• Splitting out multinational sector companies indicates output grew by 100%, Underlying GDP growth rate

closer to 6%

• Core domestic demand measure grew by 4.6%, but this understates contribution to growth from export

sector

• Whereas GDP now well above previous peak, retail sales now approaching peak, employment 6.7% below

Underlying GDP growth Irish GDP split into multinational v indigenous

companies

Source: Central Statistics Office Source: Central Statistics Office

0

20

40

60

80

100

120

140

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Retail Sales

Employment

GDP

Housing Completions

Construction Output

2007Q4 = 100

10

Short-term indicators still consistent with strong expansion

• Short-term indicators still consistent with 4-5% GDP growth

• Composite PMI was 56.5 in July, still the strongest across developed economies surveyed

• Rebound in the domestic economy borne out by labour market and tax revenues, but with some

slowdown in the export and manufacturing sectors evident in 2016

Annual Irish GDP growth and PMI readings Short-Term Indicators on the Irish Economy

Source: Thomson Reuters Datastream

30

35

40

45

50

55

60

65

70

-15

-10

-5

0

5

10

15

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

GDP growth Composite PMI

% yoy50 = no change

11

Irish labour market continues to improve

• Employment up 1.0% in Q1 2016 and 2.9% on the year.

• Broad based jobs gains, with construction now adding to employment growth

• Ireland’s unemployment rate now 8.3%, Private sector wage growth muted at 1.5%

• Key turning point is that net migration in year to April 2016 was positive for the first time since 2008

Irish Employment Growth Irish Net Migration

Source: Central Statistics Office Source: Central Statistics Office

-10

-8

-6

-4

-2

0

2

4

6

8

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Construction

Services

Industry

Agriculture

Total

yoy %

-150

-100

-50

0

50

100

150

200

1987 1991 1995 1999 2003 2007 2011 2015

Emigrants

Immigrants

Net migration

000s

12

Irish export sector has led Ireland out of recession

• Irish exports continued to expand through 2009-2015, leading Ireland’s economy out of recession

• In contrast, domestic demand contracted up until 2011

• Ireland is specialised in pharmaceuticals, ICT and services exports

• FDI key in sustaining Irish export base

• Sterling exchange rate at 85p against the euro challenge for indigenous manufacturers and agriculture

Irish Export Growth and Domestic Demand Shares of Irish exports by sector

Source: Central Statistics Office Source: Central Statistics Office, ONS

-10

-5

0

5

10

15Total Exports

Domestic Demand

yoy %5%

27%

6%

9%

9%

25%

10%

9%Other Services Food & Beverages

Business Services

Chemicals& Pharma

Computer Services

Machinery & Transport

Financial Services

Other Goods

13

Irish investment spending still well off peak

• Investment spending by foreign multinationals has led the recovery in capital expenditure

• Dwellings investment now bouncing back from exceptionally low base

• Bank lending to Irish SME’s contracted by 10.2% in year to Q1 2016 as de-leveraging continued

• Further room for recovery in capital expenditure as momentum in domestic demand builds

Irish Core Investment Spending Contributions to growth in core investment

Source: Central Statistics Office Source: Central Statistics Office, ONS

0

5

10

15

20

25

30

35

40

1998 2000 2002 2004 2006 2008 2010 2012 2014

Transfer Costs

Machinery and Equipment

Other Building and Construction

Improvements

Dwellings

Core Investment

Chained Billions

-40

-30

-20

-10

0

10

20

30

1998 2000 2002 2004 2006 2008 2010 2012 2014

Transfer Costs

Machinery and Equipment

Other Building and Construction

Improvements

Dwellings

Core Investment

yoy %

14

Record year for FDI in 2015, strong H1 in 2016

• Multinational enterprises constitute 25% of GDP and over 10% of private sector employment

• 50% of multinational sector jobs are in Dublin and mid-East, ICT Services (36%), Pharmaceuticals (27%),

Other Manufacturing (26%), Financial Services (10%)

• Following on from OECD BEPS project, increasing trend to locate intellectual property onshore.

• So far in 2016 IDA jobs announcements have outpaced previous years

• Focus on opportunity to attract FDI from the UK, but lack of residential & office space near-term constraint

Leading FDI Investments in 2016 Job announcements in Multinational Sector

IT Sector: Oracle, First Data, Facebook,

Hubspot, Amazon, SiteMinder

Pharmaceutical & Medical Devices: Shire,

Search Optics, OPKO, Eurofins Lancaster

Leading FDI Investments in 2015

IT Sector: Apple, Facebook, Uber, Zalando

Pharmaceutical & Medical Devices: Alexion,

Amneal, DePuy Synthes, Zimmer

Source: Industrial Development Agency (IDA)

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

10000

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2010 2011

2012 2013

2014 2015

2016

15

Improvements in household finances supporting consumer

• We expect consumer spending to grow by 3.7% in 2016 and 2.5% in 2017. This is 4% in nominal terms

on average through 2015-2017, less CPI inflation picking-up to 1.4%

• Employment and wage growth will help consumer, tax cuts in Budget 2017 should help household

spending

• Savings remain high, debt fallen to 149.5% of disposable income, down from 180% end-2014

• At this pace Irish household debt should fall to UK levels by 2017, but concentrated in 35+ year olds.

Irish Real and Nominal Consumer spending Irish Household Debt and Disposable Incomes

-6

0

6

12

18

2000 2002 2004 2006 2008 2010 2012 2014 2016

Real Consumption

Nominal Consumer Spending

%

Source: Central Statistics Office Source: Central Statistics Office, ONS

100

120

140

160

180

200

220

240

2002 2003 2004 2006 2007 2008 2010 2011 2012 2014 2015

Ireland UK

% disposable income

16

Irish Consumer Confidence has improved

• Irish consumer confidence has rebounded – but savings remain high as deleveraging continues

• Retail sales volumes finally surpassed previous peak in July 2016

• However, the recovery has been concentrated in car sales & electronics

• Sales volumes still down in many sectors.

Irish Consumer Confidence Irish Retail Sales, % change from peak 2007 levels

Source: Central Statistics Office Source: Central Statistics Office, ONS

-60 -50 -40 -30 -20 -10 0 10

Motor Trades

Books, Newspapers & Stationery

Electrical Goods

Furniture and Lighting

Hardware Paints and Glass

Bars

Fuel

Other Retail Sales

Clothing, Footwear and Textiles

All

Pharmaceuticals & Cosmetics

Department Stores

Food, Beverages and Tobacco

Non-Specialised Stores3 months to July 2016

Q4 2015

peak to trough

20

40

60

80

100

120

140

160

1998 2000 2002 2004 2006 2008 2010 2012 2014 2016

ESRI/KBC Consumer Sentiment Index

Current Economic Conditions

Consumer Expectations

Index, 3-month

17

The housing market continues to tighten amidst constrained

supply • The Residential Property Price Index (RPPI) has picked up modestly through H1: -0.2% in Q1, +0.7% in Q2

• However, 2% gain in asking prices in Q1, +5% in Q2, suggests transaction prices will start to rise later in

2016

• Average mortgage approval €208,700 in June 2016, up from €179,300 in Q1 2015, pointing to further gains

• The stock of home available for sale, and average time to sale agreed continue to fall.

• Residential transaction volumes in 2016H1 were 5.0% lower than in 2015, homebuilding now a constraint

CSO residential property prices MyHome: Stock for Sale and Average Transaction Times

Source: Central Statistics Office Source: MyHome

-30

-20

-10

0

10

20

30

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

All Residential Properties

Dublin

ex-Dublin

yoy %

0

2

4

6

8

10

12

14

0

5

10

15

20

25

30

35

40

45

50

2011 2012 2013 2014 2015 2016

Stock available for sale

Average Time to Sale Agreed

0000sMonths

18

Focus on address housing supply to help bank lending

• Mortgage lending contracted by 2% in year to June, but by 3.7% including securitised loans.

• Owner-occupier lending fell by just 0.5% in year to Q1, but Buy-to-Let lending contracted by 9.4%, owner-

occupier tracker loans by 5.0%

• Repayments on mortgage debt remain close to €8bn per annum, vs gross lending €5bn in 2016.

• Lending to NFCs fell by 5.8% in year to June, SME lending by 10.2% in year to Q1 2016

• Corporate lending has fallen back to 2003 levels, albeit with debt transferred via NAMA to other holders

Stock of Bank Lending Irish Housing Completions and Mortgage Lending

Source: Central Bank Source: Central Bank

0

20

40

60

80

100

120

140

160

180

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Household Lending

Non-financial corporations

Mortgage Lending

Total Consumer Credit

Bn

0

1

2

3

4

5

6

7

1970 1974 1978 1982 1986 1990 1994 1998 2002 2006 2010 2014 2018

New Mortgage Lending as % housing stock

Housing Completions as % of housing stock

Mortgage loans as % of the

housing stock

19

Irish public finances continue to improve

• Official forecast for deficit worth £2bn deficit in 2016, falling to £1bn in 2017

• Debt GDP ratio revised down to 78% in 2015 from 88% on GDP revisions, will fall to 72-75% in 2016

• First seven months of 2016 show exchequer returns ahead of target, but extra €500m of health spending

• At present we would expect deficit worth 0.2% of GDP in 2016, key issue is corporation tax performance

late in the year. Current expectation of €1bn giveaway in Budget 2017, close to 0.5% of GDP.

Irish Government Deficit and Debt Projections Irish Government Debt/GDP ratio

Source: Department of Finance

0

20

40

60

80

100

120

140

2000 2001 2002 2003 2004 2005 2007 2008 2009 2010 2011 2012 2014 2015

% nominal

GDP

20

Government housing plan: mix of demand & supply measures

Key policy measures

Help-to-Buy Scheme Full details to be announced in October 11th

Budget for 2017. Reported €10,000 size.

4-year planning fast-

track

Skipping Local Authorities on >100 unit sites will

take 6-12 months off planning process on this

type of site

National Planning

framework (NPF)

Helpful rhetoric around increased use of SDZ’s

and shortened timelines, but little detail

Infrastructure fund

(LIHAF)

€200m fund to address infrastructural deficits. Will

be very helpful in increasing housing supply,

particularly on larger sites

Cost benchmarking Would be very helpful, BC(A)R costs stick out as

a major headwind to efficiency

• Housing action plan to tackle supply-side issues: http://rebuildingireland.ie/

• Tax incentives will be outlined in October Budget – possible supports for FTBs, developers

• Ministers indicated support in the form of a tax rebate

• Anonymous government sources reported by media that

minimum support will amount to €10,000 per couple

• This compares with average mortgage loan of €197,000.

• The scheme will not be an equity loan scheme similar to the UK.

• Limited to first time buyers, with value caps.

• Scheme will be limited to new build

• Ministers have indicated any scheme will be backdated to July

19th to ensure no disruption to residential market

• Temporary VAT cut from 13% to 9.5% for new build and

government top-up savings scheme also mooted

• Action Plan for Housing implies plan similar to UK Help-to-Buy

mortgage guarantee, but would conflict with Central Bank

lending rules.

What do we know about the Help-to-Buy

Scheme?

21

Dublin’s Importance for the Irish Economy

• Dublin accounts for 43% of Irish GDP, and together with mid-East commuter belt counties 51.4%

• Similarly, Dublin and Mid-East accounts for 42% share of total employment, still 5% off pre-recession peak

• Census 2016 results showed population growth in greater Dublin area 5.6%, double 2.5% in rest of Ireland

• Growth in the Dublin has inevitably lead to bottlenecks, evident in falling residential and commercial office

and rising rents, now back to peak levels.

Irish Employment by Region Shares of Ireland GDP by region, 2014

Source: Central Statistics Office Source: Central Statistics Office

60

65

70

75

80

85

90

95

100

105

110

1998 1999 2001 2002 2004 2006 2007 2009 2010 2012 2014 2015

Dublin & Mid-East

Rest of Ireland

2007Q3 =100 Dublin

Mid-East

Rest

22

Impact of Brexit onto the Irish economy

Spillovers from weaker UK GDP growth

- Short-term impacts from uncertainty onto consumer & business confidence difficult to quantify

- A 1% reduction in UK GDP tends to reduce Ireland’s GDP by 0.3%, ESRI Hermes model

Additional trade channels could hurt Irish economy

- Trade: UK share in Irish goods now close to 15%, but higher in labour intensive sectors such as

agriculture, food & beverages, textiles and base metals. UK share 20% in services exports.

- ESRI envisaged worst case scenario of 20% drop in trade with UK, in event of no free trade

agreement, accompanied by additional non-tariff measures

- Short-term negative impact of sterling depreciation will hurt Irish exports

Foreign Direct Investment

- Ireland could see some benefit if uncertainty on EU membership hurts FDI inflows into UK

- UK attractive to FDI due to range of factors (markets, technology, tax) which will persist

- Planned cuts in UK corporation tax rate to 15% would offset negative impact of EU exit

Migration and Labour Markets

- Net migration between Ireland and UK was 60,000 through 2011-13.

- Econometric evidence reversal of outflow could have pushed down wages by 4%

- 400,000 born in ROI now resident in the UK, 230,000 born in the UK now in ROI.

23

Importance of UK for Irish Trade

• UK has been steadily declining in importance as a trading partner for Ireland

• 107,000 jobs in agriculture and 160,000 jobs in traditional manufacturing exposed to UK

• Irish exports in defensive sectors (e.g. food) that should eventually be able to push through £ price rises

• Indigenous companies also export a higher share (43% ) than foreign-owned firms (11%) to the UK

Shares of UK in Irish Goods Trade Irish Exports Goods and Services by Destination

Source: Central Statistics Office Source: Central Statistics Office

24

Key Points

Where is the Irish economy now?

• Underlying GDP growth still close to 5%, evident in employment, retail sales growth

• Ireland still at least 2-3 years behind the UK in the cycle, output gap still negative

• Employment still 6.8% off previous peak level.

• Households and companies still de-leveraging, hurting opportunities for bank lending

Homebuilding now key focus for government

• Stimulating housing supply now key focus for government to address bottlenecks in

housing market, banking sector, labour market and resolving mortgage arrears

• Details of Help-to-Buy scheme and supply side initiatives due in October 11th Budget

for 2017.

Impact of Brexit

• Based on past estimates flat UK GDP growth in 2017 (vs 2% baseline) could push

Irish GDP growth down by 0.6pp. Additional negative impact from sterling

depreciation & uncertainty could mean overall impact 1-2 percentage points.

• We had forecast Irish GDP to expand by 6% in 2016, 4% in 2017

• Direct UK export exposure diminished over time, still important in indigenous sectors.

Defensive nature of Irish exports will limit the damage.

David McNamara

david.mcnamara@davy.ie

Conall MacCoille

conall.maccoille@davy.ie

Davy Hammerson Site Visit

Presentation

September 2016

IRISH RETAIL PROPERTY MARKET

UPDATE

September 2016

IRISH CRE PERFORMANCE Total returns +25% in 2015 vs 19.5% YTD 2016

Source: MSCI

(40.0)

(30.0)

(20.0)

(10.0)

0

10.0

20.0

30.0

40.01984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016 H

1

%

1

IRISH CRE PERFORMANCE Strong correlation between different sectors

Source: MSCI

(20)

(15)

(10)

(5)

0

5

10

15Ju

n-9

5

Dec

-95

Jun

-96

Dec

-96

Jun

-97

Dec

-97

Jun

-98

Dec

-98

Jun

-99

Dec

-99

Jun

-00

Dec

-00

Jun

-01

Dec

-01

Jun

-02

Dec

-02

Jun

-03

Dec

-03

Jun

-04

Dec

-04

Jun

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Dec

-05

Jun

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Dec

-06

Jun

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Dec

-07

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-08

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Dec

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Dec

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Jun

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Dec

-11

Jun

-12

Dec

-12

Jun

-13

Dec

-13

Jun

-14

Dec

-14

Jun

-15

Dec

-15

Jun

-16

%

Retail Office Industrial

2

RELATIVE PERFORMANCE OF RETAIL 1997 – 2016(H1) – Strong correlation also between retail sectors

(50.0)

(40.0)

(30.0)

(20.0)

(10.0)

0.0

10.0

20.0

30.0

40.0

50.0

De

c 1

99

7

Ju

n 1

99

8

De

c 1

99

8

Ju

n 1

99

9

De

c 1

99

9

Ju

n 2

00

0

De

c 2

00

0

Ju

n 2

00

1

De

c 2

00

1

Jun 2

002

De

c 2

00

2

Ju

n 2

00

3

De

c 2

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3

Ju

n 2

00

4

De

c 2

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Ju

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5

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Ju

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6

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6

Ju

n 2

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7

De

c 2

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Ju

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8

De

c 2

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Ju

n 2

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9

De

c 2

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9

Ju

n 2

01

0

De

c 2

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Jun 2

011

De

c 2

01

1

Ju

n 2

01

2

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n 2

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Ju

n 2

01

5

De

c 2

01

5

Ju

n 2

01

6

Retail High Steet

Retail Warehouse

Retail - Shopping Centre

3

GROWTH IN SHOPPING CENTRE & RETAIL PARKS No new construction in the last five year period

0

50,000

100,000

150,000

200,000

250,000

300,000

Sq. M

Retail Park Shopping Centre

4

MAJOR DUBLIN SHOPPING DESTINATIONS

5

RENTAL GROWTH VS GDP & RETAIL SALES Strong correlation between GDP, retail sales & rental value growth

-25.0%

-20.0%

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

Retail Rental Growth GDP Growth Retail Sales Volume Growth

6

IRISH RETAIL SALES PERFORMANCE

-30.0%

-25.0%

-20.0%

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

0

20

40

60

80

100

120

140

200

6M

08

200

6M

11

200

7M

02

200

7M

05

200

7M

08

200

7M

11

200

8M

02

200

8M

05

200

8M

08

200

8M

11

200

9M

02

200

9M

05

200

9M

08

200

9M

11

201

0M

02

201

0M

05

201

0M

08

201

0M

11

201

1M

02

201

1M

05

201

1M

08

201

1M

11

201

2M

02

201

2M

05

201

2M

08

201

2M

11

201

3M

02

201

3M

05

201

3M

08

201

3M

11

201

4M

02

201

4M

05

201

4M

08

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4M

11

201

5M

02

201

5M

05

201

5M

08

201

5M

11

201

6M

02

201

6M

05

Inde

x 1

00

= 2

00

5

ANNUAL Change Monthly Change

• Excludes online retailing which in Ireland

accounts for approximately 9% of sales

compared with 13.2% in the UK

• Internet penetration in Ireland still lower

than elsewhere in Europe

7

HIGH STREET VACANCY

Source: CBRE Research 8

RETAIL MARKET SUMMARY

Retail recovery becoming more firmly established as

evidenced by latest MSCI index for Q2 2016

Increase in transactional activity - particularly strong

demand for prime high streets and shopping centres

Scarcity of supply a recurring theme in some locations

which is frustrating new entrants and those wishing to

upsize

Food & beverage and beauty sectors particularly active

10-15 year term leases now the norm for prime schemes

9

DEALS IN NEGOTIATION

DEALS

TRANSACTED

YTD 2016

10

DUBLIN PRIME ZONE A RETAIL RENTS

Significant arbitrage

Source: CBRE Research

0

2,000

4,000

6,000

8,000

10,000

12,000

Q2 2

00

0

Q4 2

00

0

Q2 2

00

1

Q4 2

00

1

Q2 2

00

2

Q4 2

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2

Q2 2

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6Q

4 2

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6

Q2 2

00

7

Q4 2

00

7

Q2 2

00

8

Q4 2

00

8

Q2 2

00

9

Q4 2

00

9

Q2 2

01

0

Q4 2

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1

Q4 2

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1

Q2 2

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2

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4Q

4 2

01

4

Q2 2

01

5

Q4 2

01

5

Q2 2

01

6

€ P

er

Sq M

€4,000

€2,500

€3,000

€1,750

€1,500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

Q3 2

003

Q2 2

004

Q1 2

005

Q4 2

005

Q3 2

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008

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013

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014

Q4 2

014

Q3 2

015

Q2 2

016

€ Z

one A

Dundrum Liffey Valley BlanchardstownSt Stephens Green The Square

50

100

150

200

250

300

350

400

Q2

…

Q4

…

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…

Q4

…

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…

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Sq M

Prime Retail Warehouse Secondary Retail Warehouse Dublin Secondary Retail Warehouse Provincial

0

2,000

4,000

6,000

8,000

10,000

12,000

Q2 2

00

2

Q4 2

00

2

Q2 2

00

3

Q4 2

00

3

Q2 2

00

4

Q4 2

00

4

Q2 2

00

5

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00

5

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00

6

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00

6

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00

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8

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00

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00

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01

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01

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01

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01

2

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01

2

Q2 2

01

3

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01

3

Q2 2

01

4

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01

4

Q2 2

01

5

Q4 2

01

5

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01

6

€ Z

on

e A

pe

r S

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Grafton Street DundrumLiffey Valley Blanchardstown

€5,500

€3,500

0

2,000

4,000

6,000

8,000

10,000

12,000

Q2…

Q4…

Q2…

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€ Z

one A

per

Sq M

Grafton Street Henry StreetDundrum

0

2,000

4,000

6,000

8,000

10,000

12,000

Q2 2

00

0

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00

0

Q2 2

00

1

Q4 2

00

1

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00

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00

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€3,000

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1,000

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2,000

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3,000

3,500

4,000

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Q3 2

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€ Z

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Dundrum Liffey Valley BlanchardstownSt Stephens Green The Square

50

100

150

200

250

300

350

400

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0

2,000

4,000

6,000

8,000

10,000

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00

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3

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3

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Grafton Street DundrumLiffey Valley Blanchardstown

€5,500

€3,500

0

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€0

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€4,000

€6,000

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€10,000

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er

Sq M

Grafton Street Henry Street

Dundrum Liffey Valley

Blanchardstown

11

PRIME GRAFTON ST ZONE A RENT FORECAST

Significant arbitrage

€5,700 €6,300

+10%

growth in 2016

Source: CBRE Research 12

0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016H1

€ '000

IRISH INVESTMENT VOLUME 2001 – 2016 (H1)

Source: CBRE Research 13

IRISH INVESTMENT VOLUME 2001 – 2016 (H1)

23%

28%

49%

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

Mil

lio

ns

INDUSTRIAL MIXED USE OFFICE OTHER

RESIDENTIAL RETAIL HOTEL UNKNOWN

14

IRISH INVESTMENT BY INVESTOR TYPE 2006 – 2016 (H1)

10% 25%

29% 48%

71%

29%

34%

75% 53%

37%

10%

5%

11%

31%

20% 6%

36%

28%

35%

22%

13%

4%

4%

20%

30%

10%

13%

13%

5%

7%

6%

4%

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Bil

lio

ns

INSTITUTIONAL FUND INVESTMENT FUND REIT

PROPERTY COMPANY PRIVATE CONFIDENTIAL

OTHER

15

CBRE PRIME IRISH YIELD SERIES

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00Q

1 2

00

0

Q4

20

00

Q3

20

01

Q2

20

02

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003

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20

03

Q3

20

04

Q2

20

05

Q1

20

06

Q4

20

06

Q3

20

07

Q2

20

08

Q1

20

09

Q4

20

09

Ju

l-1

0

De

c-1

0

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n-1

1

Sep-1

1

De

c-1

1

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r-1

2

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l-1

2

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12

Ja

n-1

3

Ap

r-1

3

Ju

l-1

3

Oct-

13

Ja

n-1

4

Ap

r-1

4

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l-1

4

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14

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5

Ap

r-1

5

Ju

l-1

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Oct-

15

Ja

n-1

6

Ap

r-1

6

Ju

l-1

6

Prime High Street

Super Prime Shopping Centre

Prime Shopping Centre

4.75%

4.00%

3.25%

16

43

EMEA PRIME HIGH STREET YIELDS Q2 2016

Source: CBRE Research

0.0

2.0

4.0

6.0

8.0

10.0

12.0

UK

Fran

ce

Swit

zerl

and

Be

lgiu

m

Irel

and

Net

her

lan

ds

Den

mar

k

Ital

y

Spai

n

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stri

a

Ger

man

y

Swed

en

Fin

lan

d

No

rway

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ch R

ep

Po

rtu

gal

Hu

nga

ry

Bu

lgar

ia

Turk

ey

Cro

atia

Serb

ia

Gre

ece

Ro

man

ia

Ru

ssia

Prime Yield Cyclical Low (2004 - 2008)

17

44

PRIME SHOPPING CENTRE YIELDS

Source: CBRE Research

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

Fran

ce UK

Swit

zerl

and

Ger

man

y

Au

stri

a

Be

lgiu

m

Fin

lan

d

No

rway

Den

mar

k

Swed

en

Irel

and

Ital

y

Spai

n

Net

her

lan

ds

Cze

ch R

ep

Po

rtu

gal

Po

lan

d

Turk

ey

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vaki

a

Hu

nga

ry

Ro

man

ia

Cro

atia

Serb

ia

Bu

lgar

ia

Gre

ece

Ru

ssia

Ukr

ain

e

Prime Yield Cyclical Low (2004 - 2008)

18

45 CLIENT NAME | PRESENTATION TITLE CBRE

10 YEAR GOV BONDS VS PRIME YIELDS

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.020

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

10 Year Gov Bond Yields

Super Prime Shopping Centre Yields

19

INVESTMENT MARKET SUMMARY

€2.9 billion of investment spend in H1 2016 skewed by a

number of large transactions

More secondary trading of assets & off-market trades

Demand now increasingly focussed on prime opportunities

Focus shifting towards income generation, development

opportunities and rental growth

Continued appetite from overseas buyers and potential new

entrants following Brexit

Growing demand for development and ‘alternative’ sectors

20

SUMMARY

SUMMARY

• Healthy volumes of occupational activity in all sectors against

positive economic backdrop…

• Retail sales and consumer sentiment improving…

• Continued upward movement in rental values…

• Strong returns expected albeit somewhat lower than record

returns achieved in the last few years…

• Investor profile continuing to evolve, greater appetite for prime –

shortage of prime stock proving challenging…

• Investment remains very compelling, particualrly considering the

arbitrage between prime yields and Government bonds…

• Increased signs of development activity emerging but not in all

sectors yet…

• Biggest threats are external… 21

QUESTIONS?

Value creation across the portfolio

Simon Betty – Director of Retail, Ireland

04

51 51

Hammerson Dublin platform

Pipeline of value creation

Crystalising immediate income opportunities

52

1 Immediate value-add

2 Drive rental growth

3 Deliver development profits

Demonstrate higher rental tone and capture income growth through new lettings; lift quality of retail and catering

offer

Development and extension opportunities to further strengthen centres and amplify returns

Value creation across the portfolio

Immediate value-add

53

Additional income of €4.3m p.a. created since ownership

Value creation across the portfolio

Launch Hammerson Plus App

Install iBeacons to communicate relevant, personalised offers

Strategic, insight driven marketing

Multichannel partnerships not yet present in Dublin (e.g. Amazon lockers, Doddle kiosks)

Digital and marketing

Car parking

Revised tariff structure

Cost efficiency measures

Immediate leasing deals

Units leased to Zizzi and Five Guys

Food court re-let to Aramark

Portfolio integration

On-board and train staff

Roll-out digital infrastructure

Implement best-practice customer facilities

Meaningful scope to lift rental tone

54

Prime Zone A rents (£/sq ft)

Value creation across the portfolio

92 135 160 161 214 227 245 292 300 315 365 407 410 420 445 450 0

50

100

150

200

250

300

350

400

450

500

Ilac

Cen

tre,

Dub

lin

Pavi

lions

, Sw

ord

s

Cabot C

ircu

s, B

rist

ol

Liffe

y V

alle

y, D

ublin

Bla

ncha

rdst

ow

n, D

ublin

Hen

ry S

tree

t, D

ublin

The

Ora

cle,

Rea

din

g

Dun

dru

m T

ow

n C

entre

Wes

tQua

y, S

out

hmpto

n

Bul

lrin

g,

Birm

ingha

m

Blu

ewate

r, D

artfo

rd

Gra

fton

Stree

t, D

ublin

Traffo

rd C

entre,

Manc

hest

er

Wes

tfiel

d S

tratfo

rd,

Lond

on

Bre

nt C

ross

, Lo

ndon

Wes

tfiel

d W

hite

City

,Lo

ndon

18 12 17 10 17 30 15 18 17 35 27 50 31 25 13 27

Footfall (million)

Hammerson Ireland

Other Ireland retail

UK retail

Delivering development profits

55

Pavilions, Swords extension Dundrum Village Dublin Central Development site

27 acres of prime development land, all located in greater Dublin area

Adjacent to existing assets with good retailer and catering demand

Strong residential, office and hotel end markets

Optionality over scheme design and pace of execution

Drives long term returns and accretive to Irish platform

Value creation across the portfolio

Planning permission already extended to 2022 (130,000m2)

Planning permission extended for 272,000m2 space (64,000m2 retail)

Under-supply of residential creates opportunities

Dundrum Town Centre

56 Dundrum, Dublin

Dundrum Town Centre is Ireland’s premier retail and leisure destination

57

Size: 140,000m2

#1 in shopping centre portfolio

Footfall: 18.3m

#2 in shopping centre portfolio

Centre sales: c.£360 million p.a. #3 in UK shopping centre portfolio

LfL sales growth: +5% (H1 2016)

Unexpired lease-term: To expiry: 13.8 years (Hammerson UK SC 9.2 years) To break: 11.2 years (Hammerson UK SC 6.3 years)

Capital value: c.£9,200 psm

#6 in shopping centre portfolio

170+

99%

Tenants

Occupancy

2005 Opened

A crown jewel in Hammerson’s portfolio

Prime Zone A rents: €4,090 psm (£320 psf) 30% below Brent Cross, London

Value creation across the portfolio: Dundrum

Anchor tenants:

Dundrum has a young, affluent, international catchment

58 Source: www.idaireland.com ; Irish Central Statistics Office ; Millward associates Value creation across the portfolio: Dundrum

Catchment office workers (‘000)

80

90

100

110

120

130

Current End 2016 2017 2018 2019 2020 2021

Greater Dublin population (‘000)

1.96 million residents (307,000 primary)

Affluent catchment (72% ABC1 category)

50% of city population is aged under 25

Main employers in catchment: RSA, Allianz, Salesforce, Microsoft, Vodafone

Higher average spend than any other regional shopping centre in Ireland

1,600

1,700

1,800

1,900

2,000

2016 2021

+5% increase; c.20,000 p.a.

Two LUAS tramline stops (13 mins city centre) Car access from M50

The gateway to Ireland for many retail and catering concepts

59

Dundrum has 30+ retail ‘firsts’ for Ireland

Value creation across the portfolio: Dundrum

UK retailers in Dundrum typically enjoy trading densities 14% higher than their UK portfolio average(1)

€65m

€93m

0

10

20

30

40

50

60

70

80

90

100

Acquisition ERV Forecast 2021 ERV

Strong rental growth prospects

Immediate re-rating, then forecast 4-5% p.a. ERV growth

• Supportive market backdrop

• Asset management initiatives

• Rent reviews

60

+42%

ERV (€m)

Value creation across the portfolio: Dundrum

Deploy Product Experience Framework

61

Leverage UK experience and relationships

UK SC commercialisation 6% NRI vs. 3% Dundrum (8% Ilac; 3% Pavilions)

Limited focus during NAMA ownership

+€1m p.a. from 2017 onwards

Launch Hammerson Plus App

Install iBeacons to communicate relevant, personalised offers

Strategic, insight-driven marketing

Multichannel partnerships not yet present in Dublin (e.g. Amazon lockers, Doddle kiosks)

Commercialisation Digital and marketing

Value creation across the portfolio: Dundrum

Dundrum sits at the heart of the local community

62

Runway Rules 2014

Autumn/Winter Fashion Show 2014

Christmas 2013

Sponsor of Ladies Day at Dublin Horse Show

Selected retail centre Facebook likes

Westfield London 355,000

Westfield Stratford 209,000

Bullring, Birmingham

198,000

Dundrum Town Centre

178,000

Les Quatre Temps, Paris

166,000

Bluewater 132,000 Christmas 2015 200-seat Mill Theatre

Value creation across the portfolio: Dundrum

Dundrum Village development: large strategic site adjacent to Dundrum Town Centre

63

50% (JV with Allianz)

€1.4m (100%)

Investment stake

Contracted rent from existing retailers (e.g. Lidl, Post Office, Dealz)

6 acres Land area

Major Town Centre designation

Zoned for mixed-use development

Highly desirable residential location

Helpful topography supports density

Value creation across the portfolio: Dundrum

Pavilions, Swords

64

Pavilions, Swords: asset initiatives

65 (1) 16 acre site for development adjacent to The Pavilions shopping centre would be owned 100% by Hammerson, outside of the co-ownership with IPUT and Irish Life

Immediate asset opportunities (1-2 yrs)

Improve tenant mix with continued focus on international brands

Manage outstanding rent reviews in 2016/2017

Commence restaurant/cinema development – 100% pre-let

Medium term asset opportunities (3-5 yrs)

Improve first floor integration through rightsizing existing retailers

Opportunities for development (1)

A 2-level retail-led scheme with new restaurant units and 1,000 parking spaces

Potential for c.400 residential units

Government commitment to Metro north a potential game-changer

LR reformat - Top 5 AM initiatives - Photos rather than plans

Value creation across the portfolio: Pavilions, Swords

Ilac Shopping Centre

66

Ilac Shopping Centre: asset initiatives

67

Immediate asset opportunities (1-2 yrs)

Improve tenant mix focusing on value-driven fashion brands and homeware

Commence Moore Mall South – 77% (4 out of 5 units) under offer

Drive additional commercialisation revenue

Medium term asset opportunities (3-5 yrs)

Reconfigure central square and combine with first floor library to create high quality MSU accommodation

Completion of Luas works

Long term opportunities (+5 yrs)

Integrate with Dublin Central

LR reformat - Top 5 AM initiatives - Photos rather than plans

Value creation across the portfolio: Ilac Centre

Dublin Central

68 Dundrum, Dublin

Central Dublin retail

69

Dublin Central: a unique development site adjoining the Ilac Centre

71 Value creation across the portfolio: Dublin Central

Rare opportunity

One of the largest and best-positioned urban development sites in Europe

Prime location

Over 230m of frontage onto Henry / O’Connell Street

30 million footfall

Established public transport system and planned extension

Enviable scale and irreplaceable opportunity

Unique >5 acre site assembled over a decade

Planning

Permission granted for a large scale (130,000m2) mix of uses

Flexibility to pursue numerous development scenarios sympathetic to the neighbourhood's history

Planning permission extended to 2022

Upside drivers

Opportunity for Hammerson to leverage its city centre development expertise

John Lewis recently opened in Arnotts

5.3 acres Land area

130,000m2 Planning consent

€2.0 million Contracted rent

100% Investment stake (1)

(1) Chartered Land has an option to purchase 50% of Dublin Central that expires June 2017

Conclusion

High quality portfolio concentrated in greater Dublin area

Positive macro backdrop grounded in solid fundamentals

“Anchored” by Dundrum, Ireland’s premier retail centre

Embedded rental value growth being captured by leasing deals and rent review settlements

Development profits to boost medium term performance

72

Asset details

73

Summary of Hammerson’s Dublin Portfolio

74 (1) Co-owners are Irish Life (25%) and IPUT (25%). Current loan interest: completion of Hammerson co-ownership subject to pre-emption and regulatory processes. (2) Co-owners are Irish Life (50%). Current loan interest: completion of Hammerson co-ownership subject to pre-emption and regulatory processes. (3) Development manager is Chartered Land which has an option over a 50% investment in the development project prior to 1 June 2017. (4) Excluding two Dunnes stores and Debenhams not owned: 15,000m2

Asset Description Size Hammerson ownership

Passing rent p.a. as at 30 June 2016 (Hammerson share)

Dundrum Ireland’s premier retail and leisure destination

140,000m2 50% JV with Allianz €29.9m

Dundrum Village (Phase 2)

Strategic development opportunity adjoining Dundrum with previous planning for a 110,000m2 retail-led scheme

6 acres 50% JV with Allianz €0.6m

Pavilions, Swords Well-connected regional shopping centre in Northern Dublin

46,000m2

50% co-ownership(1) €7.2m

Pavilions development site

Large plot with planning consent for 110,000m2 mixed-use development

16 acres 100% €0.7m

Ilac Centre High-footfall centre in heart of Henry Street retail area

27,000m2 (4) 50% co-ownership(2) €4.9m

Dublin Central Significant urban development site in core Dublin retail zone, adjacent to Henry Street and O’Connell Street

5 acres 100% ownership(3) €2.0m

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Hammerson costs

€m £m(1)

Initial loan acquisition (50%) 936 793

Balancing payment to Allianz, fees, transaction costs and taxes – phased through H2 2016

293 248

Total consideration

1,229 1,042

Irish loan acquisition

(1) Converted at FX rate as at 16 September 2016, £1:€1.18

Appendices

Hammerson shopping centres by size

Ireland platform within Hammerson’s portfolio

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Shopping centre Size (m2)

Dundrum Town Centre, Dublin 140,000

Bullring, Birmingham 128,000

Cabot Circus, Bristol 109,600

Highcross, Leicester 106,000

Silverburn, Glasgow 99,800

Brent Cross, London 84,900

WestQuay, Southampton 76,500

The Oracle, Reading 70,700

O’Parinor, Aulnay-sous-Bois 67,700

Centrale, Croydon 64,700

Les 3 Fontaines, Cergy-Pontoise 64,000

Les Terrasses du Port, Marseille 63,000

Italie Deux, Paris 13ème 57,300

Espace Saint Quentin 53,700

Union Square, Aberdeen 51,700

Pavilions, Swords, Dublin 46,000

Place des Halles, Strasbourg 40,000

Grand Central, Birmingham 40,400

Ilac Shopping Centre, Dublin 27,000

Jeu de Paume, Beauvais 24,100

Saint Sébastien, Nancy 24,000

Nicetoile, Nice 19,600

Victoria Quarter, Leeds 19,100

SQY Ouest, Saint Quentin-en-Yvelines 17,600

Dundrum asset plan Level 1: aspirational retail offer and dining quarter

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Dundrum asset plan Level 2: mainstream fashion brands

78

Dundrum asset plan Level 3: opportunity to improve catering offer and reposition food court

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Pavilions, Swords: well-connected and convenient shopping centre in North Dublin

80

50%

(IPUT (25%) and Irish Life (25%))

Investment stake (1)

46,000m2 Size

1 million Catchment

12 million Annual footfall

99% % leased

11 yrs/7 yrs WAULT to expiry/to break

€15 million Contracted rent (100% of centre)

Top tenants

(1) Ownership subject to pre-emption with co-owners IPUT and Irish Life. Development site adjacent to The Pavilions shopping centre owned 100% by Hammerson

Prime location

Swords, North Dublin, adjacent to main regional motorway

Over 600m of prime road frontage, allowing excellent visibility

2,000 parking spaces

Loyal customer base

Average customer visits 59 times per year

Young, high spending demographic with 41% of visitors aged 24-44

Well-let tenant mix with 75 units and a cinema

Scope for expansion(1)

Planning permission granted for a 1.2m sq ft mixed use (0.7m sq ft retail) extension that would make Pavilions a regional centre with a larger catchment area

Pavilions, Swords: Lower level

81

Pavilions, Swords: Upper level

82

Ilac Centre: situated at the heart of Dublin’s retail core

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50%

(Irish Life (50%))

Investment stake (1)

27,000m2 Size (2)

18 million Annual footfall

99% % leased

10 yrs/5 yrs WAULT to expiry/to break

€10 million Contracted rent (100% of centre)

Top tenants

(1) Ownership subject to pre-emption with co-owners Irish Life

(2) Excluding two Dunnes stores and Debenhams not owned: 15,000m2

(3) Dunnes Stores and Debenhams are not within portfolio ownership

Prime location

In the heart of Dublin’s premier shopping area on Henry Street

Frontage onto Dublin Central development site

Diverse mix of 80+ retailers and catering units

Footfall supported by two large anchors (Dunnes stores and Debenhams (3))

€60m refurbishment

Carried out in 2008 to improve internal design, external frontages and lighting

Easily accessible

Bus; Luas; 1,000 space car park

Upside drivers

Improve tenant mix leveraging expertise and 5 years WALT to break

Refurbish Moore Mall, untouched in 2008

Ilac Centre

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The team in Dublin

Simon joined Hammerson in 2006 with responsibility for a number of retail regeneration projects. In 2011 he took on responsibility for Investor Relations and Corporate Strategy activities, and subsequently was responsible for improving business performance and efficiency.

Simon was appointed Retail Director for Ireland in 2015, following the Company’s acquisition of the Project Jewel loan portfolio from NAMA.

Simon is a Chartered Surveyor and has an MBA from Cass Business School.

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Simon Betty Director of Retail, Ireland

Kevin joined Hammerson in February 2016. Kevin is an FCCA and comes to Hammerson with 20+ years international experience in finance and accounting, having worked for the last 14 years in global energy conglomerate Royal Dutch Shell PLC with assignments in London, Dublin and Aberdeen.

Kevin brings a proven track record in delivering performance management outcomes across multi-billion dollar business operations and complex project development environments.

Robert joined Hammerson in 2011 on the inaugural graduate programme. Following 2.5 years of rotations around several departments in the business he qualified as a member of the RICS in April 2014.

After his qualification he became the asset manager of The Oracle Shopping Centre in Reading.

In February 2016 he relocated to Dublin to work as asset manager on the acquisition and onboarding of Project Jewel.

Robert Van Vliet Asset Manager

Kevin Nolan Finance Director, Ireland

The team in Dublin

Claire-Ann has worked in the property industry for over 15 years, beginning her career at Crossridge Investments limited, the owners and developers of Dundrum Town Centre.

She joined Chartered Land in 2010 and moved into retail and office asset management. She is currently the asset manager of Dundrum Town Centre.

Claire-Ann is a member of the Institute of Chartered Accountants, RICS and the SCSCI and is a graduate of University of Limerick (B. Acc & Fin).

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Claire-Ann Minogue Asset Manager

Andrew has worked in the retail property industry for over 25 years. He began his career at Primark, managing their largest Irish stores for 10 years. He then moved into shopping centre management, then shopping centre asset management.

Andrew currently is the asset manager for the Dublin Central development site, the Ilac Centre and Pavilions, Swords.

Andrew has a Diploma in Shopping Centre Management, a Masters in Real Estate and an MBA in Retail. He is a member of RICS and the SCSI.

Laura joined Hammerson in September 2016, having previously held marketing positions at two of Dublin’s most iconic department stores, Clerys and Arnotts.

She has a BA in Media Studies and English, along with a PRII Diploma in Public Relations. Laura’s experience spans events, advertising, digital media and brand partnerships.

Laura Bergin Commercialisation Manager

Andrew Diggins Asset & Development Manager

The team in Dublin

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Neil McDermott Financial Controller

Kevin McGowan Facilities & Development Manager

Kevin has over 35 years’ experience working in the private healthcare and commercial retail sectors, providing seamless integration between low energy conscious design and economic application of services.

A graduate in engineering, he has worked on projects such as Dublin’s Blackrock Clinic, Grand Canal Theatre Offices and Dundrum.

He recently joined Hammerson where he is responsible for the group facilities portfolio, focussing on energy conservation, sustainability and development.

Neil joined Hammerson in September 2016, from KPMG Ireland, where he undertook an ACA training contract.

Neil holds degrees in structural engineering and business, and has previously worked in engineering and management consulting in the UK and Ireland.

Jean Lawrie Team administrator

Jean has worked in the property industry for over 10 years.

She was PA/ Administration Assistant to Joe O’Reilly and the Chartered Land team from 1996, and joined Hammerson in July 2016 as PA/ Administration assistant to Simon Betty and the Irish team.

The team in Dublin

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Don Nugent Centre Director, Dundrum Town Centre

Don started his career at Brown Thomas on the sales floor before progressing to General Manager. He was appointed Centre Director of the Square, Tallaght and subsequently held roles at Clerys and Dunnes.

Don became Centre Director of Dundrum Town Centre in October 2003. Don has a qualification in marketing and received the Sceptre UK & Ireland Shopping Centre Manager of the Year Award.

Don is also a regular retail commentator in the Irish media and is a council member of Retail Ireland.