The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
Mall operator Hammerson on Thursday launched a real estate sustainability-linked bond of €700 million ($853.30 million) as it shifts the profile of its existing debt.
The offering follows Hammerson’s exit from the UK retail parks sector with a $459 million assets sale to Brookfield last month after reporting a £1.7 billion pound loss for 2020. It had also issued a longer-term debt warning.
Last week, British shopping centres returned to full operations after months of lockdowns and pandemic-related curbs knocked the value of malls amid widespread retail rent deferrals and declines.
“The linking of the bond to our sustainability targets brings a stronger alignment between our financial and sustainability goals,” chief financial officer Himanshu Raja said in a statement.
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Global green bond issuance reached a record high of $270 billion at the end of 2020 and could reach $450 billion this year, according to Climate Bonds Initiative.
Hammerson has set the target to get net positive for carbon, water, resource use and social impacts by 2030.
By Aby Jose Koilparambil; Editor: Arun Koyyur
The rental platform saw its stock soar last week after predicting it would hit a key profitability metric this year. A new marketing push and more robust inventory are the key to unlocking elusive growth, CEO Jenn Hyman tells BoF.
Nordstrom, Tod’s and L’Occitane are all pushing for privatisation. Ultimately, their fate will not be determined by whether they are under the scrutiny of public investors.
The company is in talks with potential investors after filing for insolvency in Europe and closing its US stores. Insiders say efforts to restore the brand to its 1980s heyday clashed with its owners’ desire to quickly juice sales in order to attract a buyer.
The humble trainer, once the reserve of football fans, Britpop kids and the odd skateboarder, has become as ubiquitous as battered Converse All Stars in the 00s indie sleaze years.