8th Aug 2025 08:17
(Alliance News) - 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 GBP138.5 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 GBP319 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 ZAR68.80 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 ZAR71.71 in Johannesburg, up 0.3%.
By Artwell Dlamini, Alliance News senior reporter South Africa
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