Gain for Hammerson
A BIG upturn in the value of its UK shopping centres, retail parks and offices helped Hammerson storm back into the black in 2010.
The £3.2billion owner of Brent Cross in London and Birmingham’s Bullring, saw £363million added to the value of its retail portfolio, while its offices in the City and elsewhere were worth an extra £44million.
Hammerson also made £555million from selling buildings with limited potential to boost profits or income. Underlying rental income grew 3.5 per cent as its annual pre-tax profits hit £620million compared with £453million losses last time. Stripping out property sales and revaluations, profits were up 11.2 per cent at £144.5million.
Occupancy of its sites improved from 95.4 per cent to 97.3 per cent.
Hammerson chief executive David Atkins said: “Even if there were a reduction overall in retail spending what we’re seeing in our portfolio is an increase in market share of spending and I see that trend continuing in the next 12 months.”
The company is targeting prime UK and French retail and London offices for potential acquisitions. Its shares rose 7¾p to 455¼p.