30th Jul 2026 17:39
(Alliance News) - Hammerson PLC said on Thursday it had raised GBP189 million through an equity issue to partly fund a major property acquisition in Manchester, England.
The London-based real estate investment trust focused on city-centre shopping centres announced this morning it intended 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 share placing was conducted through an accelerated bookbuild, with new shares offered to institutions via the share placing and retail investors via a separate retail offer.
Releasing results after accelerated bookbuild, Hammerson offered 52.1 million shares at 355 pence each, equivalent to ZAR78.81 apiece, representing a discount of 3.8% to the closing price of 369p on Wednesday.
Hammerson on Thursday 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.
This morning, Hammerson reported 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.
It 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.
Shares in Hammerson were down 1.1% at 365.00 pence on Thursday in London. In Johannesburg, they were down 0.6% to ZAR81.30.
By Artwell Dlamini, Alliance News senior reporter South Africa
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