30th Jul 2026 13:39
(Alliance News) - Hammerson PLC on Thursday announced plans to raise GBP190 million through an equity offering to partly fund a major property acquisition in Manchester, England, as the city-centre shopping centre landlord posted a decline in interim profit.
Hammerson recorded a 28% drop in pretax profit to GBP57.0 million in the six months that ended June 30 from GBP79.1 million a year earlier. IFRS profit was GBP56 million, down 29% from GBP79 million.
Hammerson booked net revaluation losses on properties of GBP3.6 million, swung from gains of GBP20.6 million a year before. Share of results of joint ventures slumped 70% to GBP11.6 million from GBP39.3 million.
More positively, net rental income rose 40% to GBP112 million from GBP80 million.
Hammerson declared an interim dividend of 9.67 pence, up 22% from 7.94p.
EPRA earnings was up 33% to GBP64 million from GBP48 million. But basic earnings per share fell 35% to 10.5p from 16.2p.
Net debt was GBP1.40 billion on June 30, up 2.2% from GBP1.37 billion on December 31.
Hammerson said it intends to raise GBP190 million via an equity offering to partly fund its acquisition of a 50% interest in the Manchester Arndale shopping centre from Palma Arndale BidCo Ltd for GBP218 million. The new shares represent 10% of its existing issued share capital.
The share placing will be conducted through an accelerated bookbuild, launched immediately on Thursday, Hammerson said. New shares are being offered to institutions via the share placing and retail investors via a separate retail offer.
Hammerson raised its 2026 guidance as a result of the Arndale acquisition, which it said will be earning accretive from day-one. It expects total net rental income growth of 28% for 2026, comprising 25% from the underlying business and a 3% contribution from Arndale.
EPRA earnings is now estimated at GBP132 million, representing growth of 27% year-on-year, with GBP125 million coming from the underlying business and GBP7 million contribution from the Arndale.
Shares in Hammerson were down 1.3% at 364.40 pence on Wednesday in London. In Johannesburg, they were down 0.9% to ZAR81.03.
By Artwell Dlamini, Alliance News senior reporter South Africa
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