The company, which owns UK shopping centres such as London's Brent Cross and Birmingham's Bullring, had announced the rescue plan last month. This week it added that the expected £794m proceeds would help to cut its debt and allow it to rebalance its property holdings, making it less dependent on retail. Under the proposals, Hammerson is seeking to raise £552m through fundraising and to sell £274m of assets to shore up its balance sheet. The group has launched a proposed rights issue to raise £551.7m from its two largest shareholders, APG and Lighthouse Capital. It has also agreed the sale of its 50% share in European outlet operator Via Outlets, to its joint-venture partner Dutch pension fund APG, for an estimated £269m. This is subject to shareholder approval and is conditional on the rights issue proceeding. Hammerson's net rental income dropped 44% to £87.3m for the six months to 30 June.