Real estate investment trust Hammerson is to sell its offices investments to focus on its retail operations in the UK and France.
The change in strategy was announced with the company's 2011 results in which it unveiled a 7.1% increase in adjusted net asset value per share (NAV) on a European Public Real Estate Association (EPRA)-sanctioned basis. NAV at the end of 2011 stood at 530p versus 495p at the end of 2010. The group has announced a 5.7% increase in the full year dividend to 9.3p from 8.8p in 2010.
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