Hammerson has fallen under the spotlight of a South African investor with an eye for distressed assets.
Lighthouse Capital has offered owners of Johannesburg-listed shares in the British shopping centre owner the opportunity to swap for new stock in Lighthouse.
The unusual £85m equity raising comes after Lighthouse increased its stake in Hammerson from 4.5% to 9.1% last week.
Hammerson is among the most-shorted stocks in Britain, with 12.8 per cent of its shares out on loan, according to FCA filings.
