Hammerson Plans Share Placing for £319 Million Mall Stakes

UK landlord Hammerson Plc plans to raise as much as 10% of its existing share capital through a placing to fund the buyout of the remaining stakes that it does not already own in two Birmingham shopping centers.

The real estate investment plans to buy Canada Pension Plan Investment Board’s 50% interests in the Bullring and Grand Central malls in the UK’s second-biggest city for £319 million ($422 million), according to a statement on Thursday.