Hammerson Seeking Up to 600 Million Pounds From Rights Issue

(Bloomberg) --

Hammerson Plc, which owns about a dozen large U.K. malls, aims to raise as much as 600 million pounds ($785 million) from a rights issue, Sky News reported.

The owner of the Bullring in Birmingham and the Brent Cross shopping center in north London is seeking the extra cash as the coronavirus crisis slashes revenues for landlords, Sky reported, without saying where it got the information. Lazard Ltd. is advising on the deal.

Hammerson said on July 1 that it had collected just 16% of third-quarter rents due on its British properties.

The firm is also in talks to sell its 50% stake in VIA Outlets, which owns shopping destinations in several European cities, to Dutch pension fund APG, Sky reported. JPMorgan Chase & Co. and Morgan Stanley are working on the transaction.

Hammerson could raise more than 800 million pounds from the combination of the rights issue and the disposal, Sky said.

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