Standard Life sells 19.9% of Hammerson

Standard Life has sold 55m shares in Hammerson, the majority of its 21.7% holding, in the largest property share transaction ever seen in the UK.

This morning Standard Life´s broker, Citigroup Smith Barney, placed 55m shares, or 19.9% of Hammerson. The shares were sold at a price of 630p to a number of institutional investors, mostly based in the UK.

Standard Life will retain the remainder of its stake, representing 1.8% in Hammerson.
The shares were sold at a discount of just 3.7% to Hammerson’s Monday closing price of 654p. Most large share placings are carried out at a discount of at least 5%. Hammerson’s share price has just hit its highest level since early 1990.

Source: FreemanNews

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