HAMMERSON REIT( LSE: HMSO.L / ISIN GB0004065016 )Last Trade:...

HAMMERSON REIT( LSE: HMSO.L / ISIN GB0004065016 )
Last Trade: 229.50 p
Change: -104.50p (31.29%)
Prev Close: 334.00
Open: 230.00
Bid: 229.00
Ask: 229.75
1y Target Est: 426.88 p
Day's Range: 221.00 - 241.50
52wk Range: 298.50 - 1,166.00
Volume: 5,389,650
Avg Vol (3m): 3,413,110
Market Cap: 1.60B
P/E (ttm): N/A
EPS (ttm): N/A
Div & Yield: 27.90 (8.35%)

Property firm Hammerson plans cash call

LONDON (Reuters) - Property firm Hammerson will this week announce plans to raise cash by selling new shares, while rival British Land is also considering an equity fundraising, industry sources said.

One source said Hammerson executives were this weekend working on a rights issue, and that Sunday newspaper reports that it planned to raise about 600 million pounds were "not too far off the mark."

The Sunday Telegraph and the Sunday Times said Hammerson, owner of London's Brent Cross shopping centre, would launch its rights issue, underwritten by Citi and Deutsche Bank, on Monday.

The Sunday Telegraph said the new shares would be offered at a 50 percent discount to Friday's closing price of 397 pence.

Another source said British Land was discussing its own rights issue, but had not yet decided whether to proceed. The Sunday Times and Sunday Telegraph said the group aimed to raise about 500 million pounds.

Hammerson and British Land declined to comment.

UK real estate firms have been hit by a sharp fall in property values at a time when crisis-hit banks are tightening their credit conditions, making it difficult for companies to refinance existing loans.

Industry experts told Reuters last month that property firms were considering alternative fundraising options including share placements, rights issues and convertible bond issues.

(Reporting by Myles Neligan; Editing by Mike Nesbit)