UK retail REIT Hammerson has announced it is planning a secondary listing of all its shares on the main board of the Johannesburg Stock Exchange alongside its primary listing on the London Stock Exchange.
The secondary listing is expected to take place in September 2016. Hammerson’s register already includes a number of South African funds, CEO David Atkins explained at the presentation of the company's first-half earnings on Monday.
'In response to growing demand, this secondary inward listing will allow Hammerson to access a wider pool of international capital while providing more investors with exposure to our world-class European retail property business. This listing is expected to further extend the depth and spread of investors and improve liquidity for existing shareholders.'
Hammerson reported on Monday that net rental income was up 5% in the first six months of the year, but added that the UK's vote to end its EU membership had created a period of political and economic uncertainty that may impact the property investment and letting markets. 'This uncertainty could continue whilst the UK renegotiates its trading position and other relationships with the EU and other countries,' the company said in a statement.
It added, however, that the pattern of consumer expenditure and footfall in its UK centres since the referendum has been consistent with trends seen since the beginning of 2016.
In the six months to end June 2016, Hammerson negotiated 158 new lettings totalling 79,500 m2 which was good for like-for-like NRI growth of 2.1%. Adjusted profit rose 6% over the period to £112.6 mln.
At end June its overall occupancy level stood at 97.2%, marginally lower than the 2015 year-end position of 97.7%, but the same as 30 June 2015. The UK portfolio was 97.6% occupied, whilst occupancy in France was slightly lower at 96.3%.
Hammerson is one of the UK’s leading retail REITs with a £9 bn (€8.1 bn) portfolio of over 41 shopping centres and retail parks as well as a platform of 15 premium outlets in the UK and around Europe. About 40% of the portfolio is located outside the UK.
