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Hammerson In Talks To Sell 50% Stake In VIA Outlets; Plans Rights Issue; Stock Dips

Shares of Hammerson plc (HMSO.L) were losing around 9 percent in the early morning trading in London after the real estate investment trust on Monday confirmed that it is in advanced discussions on the terms of a possible disposal of its 50 percent interest in VIA Outlets to its joint venture partner APG. The company added that it is also considering a possible equity raise by way of a rights issue.

In its statement, issued in response to recent press speculation, Hammerson said it continues to take pro-active measures relating to the management of its cost base and cash-flow.

In recent weeks, the company secured approval for the issuance of up to 300 million pounds under the Covid Corporate Finance Facility or CCFF from the Bank of England.

Following the reopening of its flagship destinations across Europe, footfall and sales continue to improve and third-quarter rent collection in the UK, excluding monthly payments and deferrals, has increased to over 30 percent.

Hammerson will provide a further update in due course, if appropriate.

In London, Hammerson shares were trading at 58.42 pence, down 8.97 percent.

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