Bullring owner considers cash call to stave off retail gloom

Hammerson, the owner of Birmingham’s Bullring shopping centre, has confirmed it is planning to embark on a share issue in order to raise hundreds of millions of pounds.

The listed mall operator responded to press speculation this morning that it could be looking for an extra £500m-600m by way of a cash call in order to survive the gloom surrounding the retail sector.

Hammerson said the cash will be added to the £300m it has secured under the Covid Corporate Finance Facility (CCFF) from the Bank of England and that it is looking to offload its 50% share in the European VIA Outlets to join venture partner APG.

In a statement, Hammerson added: “Following the reopening of its flagship destinations across Europe, footfall and sales continue to improve and Q3 rent collection in the UK (excluding monthly payments and deferrals) has increased to over 30%.”