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Hammerson: +8.1% rental income in 2014

Published
today Feb 19, 2015
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Last year, the retail landlord Hammerson saw it rental income increase by 8.1%, and 2.1% on a comparable basis to 305.6 million pounds. Its occupancy rate, meanwhile, reached 97.5%.

The company indicated that the leases signed over the past year were at 6% above estimated rental values. 

 

Its UK shopping center portfolio grew by 2.6% during the year. The group now has a network of 22 shopping centers and 22 retail parks, plus interests in 15 European outlets. The total represents 23.6 million ft² of commercial property valued at 7.7 billion pounds. 

"We have delivered strong results on the back of a significant uplift in asset valuation and continuing income growth," said chief executive David Atkins. "The recovery in UK consumer sentiment has continued to strengthen, driving increased demand from retailers for prime space, which is now translating into ERV growth across the whole portfolio. In France, we have seen an encouraging improvement in performance, reflecting the success of our refurbishment programme." 

Present in 12 countries, 69% of the company’s portfolio is located in the UK, as compared to 25% in France. But it’s in France that Hammerson launched a major project in 2014: Terrasses du Port, a 656,000-ft² mall in Marseilles valued at 652 million euros (£481m), which last year attracted 8 million visitors. 

2014 was also marked by the acquisition of 47% of a joint venture with APG, Value Retail and Meyer Bergman. The Via Outlets partnership is aimed at acquiring existing outlets near European cities. Six acquisitions have already been carried out for a portfolio reaching one billion euros (£737m) for the moment.

£1 = $1.55

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