Hammerson news and archive

LVMH-owned L Catterton snaps up Value Retail stake for 1.5 billion pounds

A newly formed company under the banner of private equity firm L Catterton has snapped up a stake in Value Retail, the owner of UK retail destinations like Bicester Village, which had formerly been held by British property firm Hammerson. The deal, which will see Value Retail transferred to Silver Bidco Limited, a Jersey incorporated firm...

Business

Hammerson sees an encouraging first quarter amid development projects

British property investment and management group Hammerson presented its results for the first half of 2023. The group showed financial progress and adjusted profits up 15 percent year-on-year to 56 million pounds, or 65 million euros. According to the Group, this increase is partly the result of higher rental income and lower operating and...

Business

Hammerson posts increase in Q1 sales, footfall

British property giant Hammerson has reported an increase in sales and footfall in the first quarter of the year as it continued to recover from the pandemic. Footfall in the UK and France were up 6 percent year-on-year, while footfall in Ireland jumped 13 percent. Sales, meanwhile, were up 6 percent in the UK, 11 percent in France, and 7...

Business

Hammerson narrows FY losses despite drop in revenue

Hammerson has reported narrowing losses in its most recent full-year results despite a drop in revenue. The British property giant made a pre-tax loss of 164.2 million pounds in 2022, down from a loss of 429.1 million pounds a year earlier. The London-based company said the narrowing loss was largely attributed to a 282 million pound revaluation...

Business

Hammerson Q3 sales above pre-Covid levels as shoppers return to stores

British property giant Hammerson has reported third-quarter sales above 2019 levels as shoppers flocked back to physical stores following the end of lockdown restrictions. Compared to pre-Covd levels in 2019, sales were up 4 percent in the UK, up 3 percent in France, and up 2 percent in Ireland. The company, which owns Bullring shopping centre...

Business

Hammerson reportedly prepares to axe jobs

British property and investment company Hammerson could reportedly axe hundreds of jobs to cut costs. All 250 employees working at its head office in London’s King’s Cross and at its office in Reading have been placed in a consultation exercise, The Times reports. Up to 40 roles across a number of other functions are also understood to be at...

RetailFeatured

Hammerson to sell entire portfolio of UK retail parks

British property giant Hammerson is selling all seven of its retail parks to Canadian investment firm Brookfield in a move that concludes its exit from the UK retail parks sector. The deal is worth 330 million pounds, eight percent lower than the December 31 2020 book value of 357 million pounds. As previously announced, Hammerson has also...

Retail

Hammerson collects less than half of rent owed

British property giant Hammerson has collected less than half of net rental income due in the second quarter of the year. At group level, 40 percent of rent due has been received to date, with the UK collecting 48 percent, France 23 percent, and Ireland 34 percent. An aggregate 46 percent of H1 2021 rent due has been collected. The company said...

People

Hammerson appoints chief financial officer

Hammerson has announced the appointment of Himanshu Raja as chief financial officer (CFO) and executive director. The company said in a release that he will succeed James Lenton who gave notice of his resignation to the company in January 2021. Himanshu Raja will join as CFO and executive director on April 26, 2021, at which point Lenton will...

Business

Hammerson writes down portfolio value by almost 2 billion pounds

British property giant Hammerson has written down the value of its shopping centre portfolio by almost 2 billion pounds as a year of on-and-off lockdowns took its toll on the business and rental income plummeted. The company, which owns Bullring shopping centre in Birmingham and Brent Cross centre in London, said its portfolio value dropped to...

People

British Land taps former John Lewis finance chief as non-exec director

British property operator Hammerson has appointed Loraine Woodhouse as a non-executive director, effective 1 March. Woodhouse has been the chief financial officer at Halfords since 2018 and previously spent five years in senior finance roles within the John Lewis Partnership. She will chair the British Land audit committee from 31 March at which...

Retail

Hammerson collects just 41 percent of rent from retailers

British shopping centre operator Hammerson has collected just 41 percent of rent due for Q1 as retailers continue to struggle to make payments. Breaking it down by country, 41 percent of rent due has been paid in the UK - 36 percent at flagships and 64 percent at retail parks - while France and Ireland have paid 46 percent and 31 percent,...