Hammerson seals acquisition of 50% stake in Bullring & Grand Central
Hammerson PLC on Friday said it has wrapped up its acquisition of the remaining interest in Birmingham’s Bullring & Grand Central shopping centre.
The London-based real estate investment trust late last month said it would raise gross £138.5 million through placing new shares to help buy the remaining 50% of Bullring & Grand Central, taking its ownership of the joint venture to 100%.
Hammerson also suspended its share buyback and will tap into existing cash resources to buy Bullring & Grand Central for £319 million.
‘We are delighted with the really positive response and outcome of this important equity placing for Hammerson aligned with our acquisition of the remaining 50% stake in Bullring and Grand Central,’ Chief Executive Officer Rita-Rose Gagne said in July, describing the deal as an ‘exciting milestone’ for Hammerson.
Hammerson placed 48.25 million new share to institutional investors at 287 pence each or R 68.80 apiece.
The placing price of 287p represented a discount of 2.5% to the closing price on July 30, which was 294.4p.
Hammerson shares were quoted at 300.20p early Friday in London, up 0.1% on the day. They were quoted at R 71.71 in Johannesburg, up 0.3%.
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