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Hammerson gets approval for rights issue, stake sale

By Huw Hughes

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Report

British property firm Hammerson has received approval from shareholders to go ahead with its rescue plan to raise 825 million pounds.

The company, which owns Bullring shopping centre in Birmingham and Brent Cross centre in London, plans to raise 552 million pounds through a fundraise and 274 million pounds through a sale of its 50 percent stake in VIA Outlets.

Property firms like Hammerson have been hit particularly hard by the Covid-19 pandemic and have seen huge slumps in rent collections. For the six months to 30 June, Hammerson’s net retail income dropped by 44 percent to 87.3 million pounds.

Photo credit: Grand Central, Hammerson

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