Landlord Hammerson's cash in as profits soar
DEMAND from retailers for prime space as consumer spending picks up has sent profits soaring at blue chip landlord Hammerson.
Hammerson's own a string of shopping centres including the Birmingham's Bullring
The owner of shopping centres, which include Birmingham's Bullring and Brent Cross in London, said annual profit more than doubled to £703.1million, reflecting the increased value of its property portfolio. Rental income rose by 8.1 per cent to £305.6million, while occupancy rates were above target at 97.5 per cent.
The recovery in UK consumer sentiment has continued to strengthen
Hammerson said consumers are spending more time and money at its centres, with jewellery and health and beauty sales enjoying strong growth.
Chief executive David Atkins said: "The recovery in UK consumer sentiment has continued to strengthen."