Hammerson Plc’s Rights Offering And Interests Disposal In VIA Outlets


Herbert Smith Freehills has acted on behalf of Hammerson Plc in relation to a rights issue and disposal of its interests in VIA Outlets.

The rights issue is expected to raise net proceeds of approximately £550 million and the sale of Hammerson’s interests in VIA Outlets is for estimated cash proceeds of approximately €300 million.

The rights issue and disposal form part of Hammerson’s response to major structural change in the retail industry and the challenges posed by the COVID-19 pandemic. The disposal is conditional on shareholder approval of the rights issue and certain anti-trust clearances, and is expected to complete in Q4 2020.

Herbert Smith Freehills advised on all elements of the rights issue and the disposal. The deal was led by partners Alex Kay (Picture) and Mike Flockhart, supported by Head of US Securities Tom O’Neill, and the team included senior associates Sarah Ries-Coward, Dennis Hermreck, Emily Naylor and Kaja Kluziak, associates Sean McDermott, Gaelen Perrone, Caroline Hagg, Harriet Sykes, Frances Worthington and Sophie Stevens. The wider team included Will Arrenberg from London Tax, Steffen Hörner from Frankfurt Tax, Simon Chadney and Jake Jackaman from London Finance, Sarah McNally from London Insurance, Susan Black from London Competition and Don Rowlands from London Real Estate.

Involved fees earner: Will Arrenberg – Herbert Smith Freehills; Susan Black – Herbert Smith Freehills; Simon Chadney – Herbert Smith Freehills; Mike Flockhart – Herbert Smith Freehills; Caroline Hagg – Herbert Smith Freehills; Dennis Hermreck – Herbert Smith Freehills; Steffen Hörner – Herbert Smith Freehills; Jake Jackaman – Herbert Smith Freehills; Alex Kay – Herbert Smith Freehills; Kaja Kluziak – Herbert Smith Freehills; Sean McDermott – Herbert Smith Freehills; Sarah McNally – Herbert Smith Freehills; Emily Naylor – Herbert Smith Freehills; Tom O’Neill – Herbert Smith Freehills; Sarah Ries-Coward – Herbert Smith Freehills; Don Rowlands – Herbert Smith Freehills; Sophie Stevens – Herbert Smith Freehills; Harriet Sykes – Herbert Smith Freehills; Frances Worthington – Herbert Smith Freehills;

Law Firms: Herbert Smith Freehills;

Clients: Hammerson;