Property group Hammerson to list on Euronext Dublin in response to Brexit
Hammerson, a UK property group, is to seek admission of its entire issued ordinary share capital to the secondary listing segment of Euronext Dublin.
The decision comes as the UK’s exit from the European Union looms.
Hammerson will trade on the main market for listed securities here.
The company, who co-owns Dundrum Town Centre, said it was seeking a secondary listing “given the importance and scale of its investor base and operations in continental Europe and the Republic of Ireland.”
Hammerson owns and manages “flagship” destinations valued as at June 30 at £1.2bn (€1.3bn) in France and £800m (€997m) in Ireland. This is in addition to city centre “development opportunities” in Dublin, according to a statement from the group.
Alongside its directly managed portfolio, Hammerson said it also has exposure to value retail destinations outside of the UK including La Valleé in Paris and La Roca in Barcelona.
As of last month 27pc of Hammerson's share capital held by institutional investors is held by investors based in the European Economic Area, excluding the UK.
A secondary listing on Euronext Dublin will allow the company “to maintain an efficient holding structure across its portfolio and guarantee an EU equivalent trading venue for Hammerson's shares,” it said.
Hammerson expects that the admission will become effective on the morning of December 23.
Its ordinary shares are, and will remain, trading on the main market for listed securities operated by the London Stock Exchange.
The ordinary shares are also the subject of a secondary inward listing on the Johannesburg Stock Exchange and will remain listed on the Johannesburg Stock Exchange following the admission.
Hammerson said it is not raising any new funds or issuing any new shares in connection with admission.
Goodbody is acting as sponsor, under Euronext Dublin Listing Rules, to the company in regards to the admission.
In June the group slashed almost €100m from the value of its flagship assets in Ireland, including its stake in Dundrum Town Centre, as it aims to raise net proceeds of £794m (€882m) from a share sale and asset disposal.
It said its flagship assets in Ireland were valued at £834m at the end of June, representing a 9.9pc decline in the capital return for the properties.
Hammerson owns 50pc of Dundrum Town Centre, with the other half owned by Allianz.
The UK group also owns half of the Pavilions shopping centre in Swords, and the Ilac Centre in Dublin city centre. It owns 40pc of the Kildare Village premium outlet mall.