{"id":167047,"date":"2020-08-03T07:20:00","date_gmt":"2020-08-03T07:20:00","guid":{"rendered":"https:\/\/www.theindustry.fashion\/hammerson-looks-to-raise-500m-through-rights-issue\/"},"modified":"2021-08-06T12:06:43","modified_gmt":"2021-08-06T12:06:43","slug":"hammerson-looks-to-raise-500m-through-rights-issue","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/hammerson-looks-to-raise-500m-through-rights-issue\/","title":{"rendered":"Hammerson looks to raise \u00a3500m through rights issue"},"content":{"rendered":"<p>Hammerson, the shopping centre operator, is reported to be <strong>preparing a rights issue to raise \u00a3500m<\/strong> after taking a battering during the COVID-19 crisis.<\/p>\n<p><!--more--><\/p>\n<p>The owner of Bullring and Brent Cross, among other key shopping destinations, is <strong>expected to announce the move along with its interim results on Thursday.<\/strong> This morning it issued a statement to confirm such a move was under consideration.<\/p>\n<p>In addition the statement said: \"The Company <strong>continues to take pro-active measures relating to the management of its cost base and cash-flow<\/strong> and in recent weeks it secured approval for the issuance of up to \u00a3300m under the Covid Corporate Finance Facility (CCFF) from the Bank of England.<\/p>\n<p>\"Following the reopening of its flagship destinations across Europe,<strong> footfall and sales continue to improve and Q3 rent collection in the UK<\/strong> (excluding monthly payments and deferrals) has increased to over 30%.\"<\/p>\n<p>It also confirmed it was <strong>in\u00a0advanced discussions on the terms of a possible disposal of its 50% interest in VIA Outlets<\/strong> (which has outlets in Europe) to its joint venture partner APG.<\/p>\n<p>Analysts at Liberum said that the potentially \u201cimminent\u201d rights issue could be between around \u00a3500 million and \u00a3600 million.\u00a0Together with the sale of VIA Outlets it could take off some of the pressure, but is not a magic bullet, they warned.<\/p>\n<p>\u201c<strong>Successful execution would remove a near-term covenant headache,<\/strong> but not solve the longer-term problem, in our view,\u201d the analysts said.<\/p>\n<p>They added: \u201cWe think <strong>raising c. \u00a31.3 billion is more like the quantum needed<\/strong> to restore the balance sheet to a more comfortable level.\u00a0We question investors\u2019 appetite for this transaction in the current market.\u201d<\/p>\n<p>While the ability to collect around a third of the rent due in the third quarter is twice that which they collection for\u00a0the second quarter, it is still a blow to the business.<\/p>\n<p>In June<strong> Intu, which owns the Trafford Centre in Manchester and the Metrocentre in Gateshead, fell into administration<\/strong> after talks with lenders failed.\u00a0The business was \u00a34.5 billion in debt.<\/p>\n<p><a href=\"https:\/\/www.theindustry.fashion\/subscribe-now\/\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-146496 size-full\" src=\"https:\/\/www.theindustry.fashion\/wp-content\/uploads\/Banner.jpg\" alt=\"\" width=\"1200\" height=\"260\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p> [&hellip;]<\/p>\n","protected":false},"author":11,"featured_media":139605,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[16042,10585,6,10494],"tags":[13406,11754,8,9],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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