Hammerson hails transformational year
Hammerson enjoyed a 2.1% increase in its like-for-like net rental income in 2012 as the retail property firm continued to see demand for its commercial properties.
The company’s net asset value for the year to 31 December 2012 rose 2.3% while occupancy was 97.7%, exceeding the target of 97%.
Hammerson, which repositioned its portfolio last year to a pure retail focus, invested £541 million in retail venues throughout 2012. It also made significant progress with its developments including the signing of a joint venture with Westfield to develop the Centrale and Whitgift shopping centres in Croydon, and the signing of John Lewis as an anchor tenant for Eastgate Quarters in Leeds.
Chief executive David Atkins, said: “We have again proved that high-quality retail assets combined with active management can deliver good income growth even in a challenging environment. 2012 was a transformational year for Hammerson, where we successfully executed over £1 billion of investment activity to become a pure retail-focused company.”
Never Miss a Retail Update!Chairman John Nelson, who is retiring this year, added: “This is my final set of results as Hammerson chairman. Hammerson has great assets, a dynamic management team and clear prospects for further growth. Against a difficult economic backdrop, the numbers demonstrate strong performance and validate our strategic focus and operational execution. I am proud of what the company has achieved and I wish its shareholders and staff well for the future.”
