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Ilac and Dundrum Town Centre owner seeking admission to Irish Stock Exchange

Dublin's Ilac Centre, one of the assets in Hammerson's Irish portfolio
Dublin's Ilac Centre, one of the assets in Hammerson's Irish portfolio

The owner of the Dundrum Town Centre and the Ilac Centre in Dublin City has said it intends to seek a secondary listing on the Dublin Stock Exchange.

Based in the UK, Hammerson has operations in several European countries.

It is understood the move is being made ahead of the end of the Brexit transition period in the coming weeks.

In a statement this morning, Hammerson said it was seeking admission of its entire issued ordinary share capital to the secondary listing segment of the exchange, which trades as Euronext Dublin.

It is also seeking to trade on the main market for listed securities.

"The company is seeking a secondary listing given the importance and scale of its investor base and operations in continental Europe and the Republic of Ireland," the statement said.

"A secondary listing on Euronext Dublin will enable Hammerson to maintain an efficient holding structure across its portfolio and guarantee an EU equivalent trading venue for Hammerson's shares," Colm Lauder of Goodbody said.

He added that the admission was due to come into effect next Wednesday, December 23. 

The company, which also owns Birmingham's Bullring shopping centre, said it is not raising any new funds or issuing new shares with relation to the admission. 

According to Hammerson, as of November 23, around 27% of its share capital was held by institutional investors based in the European Economic Area, excluding the UK.

Goodbody Corporate Finance are acting as advisors to the group on the move.