Home Estate Planning Brent Cross owner Hammerson’s turnaround continues with record leasings

Brent Cross owner Hammerson’s turnaround continues with record leasings

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British shopping centre giant Hammerson reported a record year of leasing completing 306 deals. 

This morning, the property giant gave a positive update to investors, as its balance sheet looked on the road to recovery. 

In the full year the firm delivered adjusted earnings growth of 11 per cent to £116m, and said footfall across its estate was up three per cent year-on-year. 

Gross rental income for the year totalled £208m, down slightly from £215m the year before, due a number of disposals. 

In order to repair its balance sheet the firm has sold a number of assets across Europe and the UK.

The included pulling out of a billion pound scheme to bring a Westfield to Croydon. 

More recently the firm sold its Union Square shopping mall in Aberdeen for £111m.  

It has held onto assets including London’s Brent Cross.

Hammerson, which is listed on the London Stock Exchange, has seen its share price slump over the past 12 months as investors have sold out of property holding companies.

Its shares have been down 14 per cent in the last year, as high-interest rates have made the sector less appealing by pushing up the cost of financing.

Rita-Rose Gagné, chief executive of Hammerson, said: “Our city centre destinations are in high demand.  This year we delivered a positive performance across our key strategic, operational and financial metrics.  

She added: “Over the last three years, we have delivered against all strategic milestones.  We now have a core portfolio focused on urban locations which are evolving into my vision: vibrant, 24/7 multi-use estates. 

“These destinations are fast growing, and part of the fabric and infrastructure of the cities in which we operate.”

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