Shares in Hammerson, the FTSE 100 European retail property specialist, began trading via a secondary listing on Johannesburg Stock Exchange (JSE) on Thursday.
Trading on the JSE opened at 11,211 cents a share. The market capitalisation of Hammerson stands at ZAR 89 bn (€5.4 bn).
Commenting, CEO David Atkins, said: 'This is an important event for Hammerson as our shares are admitted to the JSE and we further broaden our global investor reach and deepen the liquidity for all shareholders. Our business is in great shape and this listing will allow a wider pool of investors to participate in the company's future returns. We look forward to building long-term relationships with existing and South African investors.'
Hammerson is one of the UK's largest retail REITs with a £9 bn portfolio (€10.7 bn) of 41 retail and leisure destinations predominantly located in the UK, France and Ireland.
Several other real estate companies in Europe are seeking to tap into South African capital via a secondary listing on JSE. London-based retail property specialist Capital & Regional started trading its shares on the JSE last October. In mid-August Global Trade Centre (GTC) followed suit. The Polish developer and owner of 36 commercial properties in Central and Southeastern Europe with a combined floor space of 646,000 m2 valued at €1.1 bn was listed in Johannesburg on 18 August.
Echo Polska Properties (EPP) is likewise set to make its debut on the JSE later this month after floating on the Luxembourg Stock Exchange in late August. The company owns six office and 10 retail properties in major Polish cities valued at €1.2 bn and is a subsidiary of Warsaw-based Echo Investment S.A. and South Africa's Redefine Properties.
