Hammerson increases stake in Bicester Village

Retail property giant Hammerson has confirmed in its 2017 results that it has increased its stake in Bicester Village to over 50 percent.

Commenting on the FY17 results, Hammerson chief executive David Atkins said: “Consumer confidence in France and Ireland is strong and our unique position in the premium outlets sector continues to deliver impressive growth, and today we announce further investment by increasing our economic interest in the international renowned Bicester Village to over 50 percent.”

Aktins went on to state that increasing its stake from 46 percent, according to its website, to over 50 percent in Bicester Village is part of an ongoing strategy for the company, adding: “We are in a strong position to respond to the current consumer conditions in the UK.”

Overall, Hammerson recorded its highest level of lettings in 2017, more than in any other in its 75-year history, and group occupancy is at a 17-year high at 98.3 percent, with net rental income increasing 6.9 percent to 370.4 million pounds. In addition, adjusted profit was up 6.8 percent to 246.3 million pounds.

Atkins added: “Not all retail is equal and not all locations are well placed to support the future needs of brands. But with 440 million visitors a year, our unrivalled consumer insight and relationship with retailers ensures that we target the next generation of brands, as we proactively rotate retailers and expand winning formats.”

Hammerson’s portfolio includes numerous shopping centres including The Bullring, Brent Cross and Victoria Gate, as well as 15 retail parks across the UK, and stakes in premium European outlet malls, such as Bicester Village.