- Hammerson's 2020 results were better than expected though expectations were low.
- Liquidity is strong partly thanks to last year's dilutive rights issue.
- A return to retail norms could help restore some of its fortunes - but it remains uncertain whether it will materialise at the right scale for Hammerson's portfolio.
- I see a significant trading opportunity due to this uncertainty, but the uncertain outlook and risk of further dilution means this is far outside my risk tolerance as an investment.
For further details see:
Hammerson: A Path Forward, But Still Highly Challenging