Ontario fund sells Hammerson stake

ONTARIO Teachers’ Pension Plan, Canada’s largest pension investor, sold its 12 per cent stake in Hammerson yesterday for £396m.

Cadillac Fairview, owned by the Ontario fund, sold its 85.6m shares in the Anglo-French property developer at 463p, Goldman Sachs Group said in a statement yesterday.

Cadillac Fairview announced on Wednesday it was selling the shares via an accelerated offering to institutional investors, with Goldman Sachs hired as the sole bookrunner.

The placement was based on Hammerson’s closing price on Wednesday of 486.8p, and offered at a discount of five per cent.

Hammerson and Goldman declined to comment.

Shares in London-based Hammerson plunged 4.75 per cent yesterday, closing at 463.70p.