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.