The share issue was flagged earlier this week and is accompanied, as expected, by the planned sale of its stake in European joint venture Via Outlets for £274mln.
The Bullring and Brent Cross owner said the £794mln net being raised would reduce its net debt to £2.2bn and lower the ratio of debt to loans to 41.7%.
The new shares will be issued at 15p, a 94.6% discount to the close yesterday.
APG and Lighthouse, the propertys two major shareholders, have agreed to take up the issue in respect of their 20% and 14% stakes.
To make its share price respectable after the dilution from the rights, Hammerson intends to consolidate its shares on a five into one basis after which Hammerson shareholders can apply through the rights issue for 24 new shares for every consolidated one they own.
Hammerson unveiled the rescue refinancing alongside a £1.1bn loss for the half-year to June.
The property said it took £377mln of impairment charges in the half, while losses from its joint ventures soared to £500mln.
David Atkins, chief executive, said going forward Hammerson would also adopt a new approach to leasing property.
This would be based on its experiences with brands; current leases in Europe; and the more collaborative approach of premium outlets, he said.
More flexible leases; rebased rents at more affordable levels; indexation replacing the existing rent-review system and an omnichannel top-up element are all part of the plan.
Atkins added: "The pandemic has exacerbated structural shifts in retail, exerting further pressure on both property owners and brands, and provided further evidence that the UK&Read More – Source