Hammerson sitting pretty in retail
Property giant Hammerson says it is reaping the benefits of focusing on retail over office space.
Property giant Hammerson says it is reaping the benefits of focusing on retail over office space.
In the six months to the end of June the owner of the Brent Cross and Bullring shopping centres saw net rental income of £141.6m 1.6% down on the same period of last year, but 2.4% up on a like-for-like (LFL) basis.
The LFL comparison is important because over the reporting period Hammerson sold 75% of its London office portfolio, raising £518m which it will aim to spend on major retail projects.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Earnings per share for the half year were 10.2p, 6.3% ahead of last year while the interim dividend has been announced at 7.7p, a 5.5% gain on 2011.
The group's occupancy rate is 97.5% while gearing has been reduced from 52% to 50%.
David Atkins, Chief Executive of Hammerson, said: "We have created a focused retail business by accelerating our plans to sell the London office assets through a single transformational deal.
"In addition, we have undertaken some excellent leasing transactions and asset management in the first half, and increased our investment in the designer outlet market."
Hammerson shares have gained 28% this year against a FTSE 100 rise of just 1.4%.
BS
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
-
Average earners now face £200,000 inheritance tax bill - how much will your estate owe?
‘Double whammy’ of inheritance tax changes means even the estates of those earning the average UK wage could face bills, not just the very wealthy
-
Are the wealthy dodging more tax than previously thought?
A new report suggests tax non-compliance among the wealthy could be worse than previously imagined. Is an overly complex system partly to blame?