Advertisement

Hammerson reports high occupancy rates across portfolio

FTSE 100-listed retail property developer Hammerson has unveiled positive results for 2013, supported by high rates of occupancy and multiple acquisition projects.

FTSE 100-listed retail property developer Hammerson has unveiled positive results for 2013, supported by high rates of occupancy and multiple acquisition projects.

In an interim management statement for the period from January 1st to May 8th, the group reported the acquisition of a 17% stake in Bullring for £154m at a yield of 5.7%, taking ownership to 50%.

Advertisement - Article continues below

Occupancy across the group's portfolio of properties remained high at 96.6%, group leasing was described as being "in line" with estimated rental value (ERV) with rates being 4.4% above in the UK and 1.3% below in France.

In addition, the group also secured Citadium's first store outside Paris for Les Terrasses du Port, Marseille, which it said was now 86% pre-let.

The group added that the Croydon joint venture with Westfield completed the acquisition of a 25% stake in the Whitgift Centre and Hammerson also announced a successful public consultation to launch the Victoria Gate development in Leeds.

David Atkins, Chief Executive Officer of Hammerson, said: "Our operational performance, against a weak consumer backdrop, demonstrates the quality of our portfolio.

"Since the start of 2013 we have continued to review opportunities selectively and have deployed capital to winning locations, increasing our stake in Bullring and making excellent letting and construction progress at Les Terrasses du Port."

MF

Advertisement
Advertisement

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

An economics lesson from my barber
Inflation

An economics lesson from my barber

On reopening his shop after lockdown, Dominic Frisby’s barber doubled his prices. It’s all part of the post-Covid inflation process – and we’re going …
8 Jul 2020
What gold, bonds and tech stocks have in common
Stockmarkets

What gold, bonds and tech stocks have in common

"Risk off" or "safe haven" assets such as gold and government bonds have been doing well lately. But so have riskier tech stocks. That seems to defy c…
10 Jul 2020
Three ideas for Lloyds Bank's new boss
UK stockmarkets

Three ideas for Lloyds Bank's new boss

The Black Horse needs whipping into shape. A change at the top provides a great opportunity, says Matthew Lynn.
12 Jul 2020