The finance boss of Hammerson Timon Drakesmith has upped his stake in the shopping centre owner, spending nearly £200,000 on shares.
He bought 50,000 shares in the company, paying 384.99p a time.
Drakesmith will be glad he didn't rush into buying the shares following his appointment in June. They they were sitting close to 500p at that time before taking a sharp dive in line with broader markets amid worries over the state of the global economy.
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
Hammerson's portfolio includes the Bullring shopping centre in Birmingham and Brent Cross in London.
Hammerson last month reported that pre-tax profits in the half year to 30 June dropped from £335.6m to £192.8m, as revaluation gains on its property portfolio more than halved from £258.7m in 2010 to just £121.1m this year.
The group said that its "regionally dominant" shopping centres and retail parks are trading ahead of national benchmarks, and has seen little impact from the recent rise in administrations in the UK retail market.
Timon joined Hammerson from property Great Portland Estates, where he had also been finance director.
Top Director Buys
Ecofin Water & Power Opportunities (ECWO) Director name: Mr D Bernard LambilliotteAmount purchased: 1,375,000 @ 113.38p Value: £1,558,975
Hammerson (HMSO) Director name: Mr Timon DrakesmithAmount purchased: 50,000 @ 384.99p Value: £192,495
Huntsworth (HNT) Director name: Mr Lord ChadlingtonAmount purchased: 170,000 @ 57.50p Value: £97,750
Centaur Media (CAU) Director name: Mr Patrick TaylorAmount purchased: 150,000 @ 37.11p Value: £55,665
Centaur Media (CAU) Director name: Mr Colin MorrisonAmount purchased: 100,000 @ 37.11p Value: £37,110
Brooks Macdonald Group (BRK) Director name: Mr Colin HarrisAmount purchased: 1,651 @ 1,204.00p Value: £19,878
United Utilities Group (UU.) Director name: Mr David H JonesAmount purchased: 3,000 @ 595.00p Value: £17,850
Top Director Sells
-
Rightmove: property asking prices hit record highNews Rising demand for top of the ladder home is boosting asking prices, Rightmove research shows. Is now a good time to sell a property?
-
FTSE 100 hits record highs – why is it rising and will we see more gains?Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
