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Hammerson reports H1 earnings, plans to pursue secondary listing in South Africa

reported itsfirst-half 2016 unaudited results and revealed plans to list in South Africa.

Hammersonsaid it is pursuing a secondary listing of its shares on the Johannesburg StockExchange, which is expected to take place in September, to access a widerinvestor pool and international capital source.

Meanwhile,total first-half 2016 pretax profit came in at £167.2 million for the sixmonths ended June 30, down from £329.4 million in the first half of 2015.

Netrental income for the period was £167.7 million, up 5.1% from £159.5 millionduring the year-ago period.

Thecompany's EPRA NAV per share was up 2.4% to £7.27 from £7.10 in the first halfof 2015.

Adjustedearnings per share came in at 14.3 pence, reflecting a 5.1% increase from 13.6pence in the previous first half.

Thegroup said it is on track to deliver its Victoria Gate and WestQuay Watermark schemes in the U.K. in the next sixmonths, with the two projects being 80% pre-let on average.

Hammerson'snet debt as of June 30 was approximately £3.36 billion, up from around £2.97billion, as at Dec. 31, 2015. The company's total property portfolio value wasapproximately £8.96 billion as of June 30, up 7% from approximately £8.37billion at 2015-end.

Thecompany's board declared an interim first-half dividend of 10.1 pence pershare, up 6.3% from 9.5 pence per share in the year-ago period.

"Ourassets in Europe continue to perform strongly and in the U.K., notwithstandingthe market uncertainty, we have been reassured by the level of leasing andinvestment activity post the EU Referendum, both in our portfolio and acrossthe wider property market, highlighting continued appetite for high-qualityretail property," Hammerson CEO David Atkins said in a statement.