UK REIT Hammerson has confirmed that its application for a secondary listing on the Johannesburg Stock Exchange (JSE) is at an 'advanced stage' and should be in place on 1 September.
Hammerson said on Friday that the Financial Surveillance Department of the South African Reserve Bank has approved the secondary listing and classified it as 'domestic' for exchange control purposes.
The secondary listing, which is expected to take place on Thursday, 1 September 2016, is subject to receipt of formal approval from the JSE, the company said in its update.
With its primary listing in London, Hammerson is a FTSE 100 owner, manager and developer of retail destinations in Europe. At end-June the REIT had a £9 bn (€10.4 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.
Explaining the motivation behind the secondary listing during the presentation of the company's first-half earnings in July, CEO David Atkins explained that Hammerson’s register already includes a number of South African funds.
'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.'
