24 Jul 2014
Developer Hammerson toasts tidy half-year results
BY Jak Phillips
Retail and mixed-use property developer Hammerson has recorded a strong set of results for the first half of 2014 (up to 30 June), with pre-tax profits hitting £362.9m.
The real estate investment trust – which is behind large mixed-use projects such as the £1bn Westfield development in Croydon and the £70m Southampton Watermark WestQuay project – was boosted by a £224.5m revaluation gain on its property portfolio during the period, after reporting a £20m revaluation loss a year earlier.
Net rental income across Hammersons portfolio was up 4.6 per cent to £146.9m, while a strong development pipeline served to strengthen investor confidence.
“The consumer backdrop is improving in the UK and stabilising in France, against which we are providing the space for successful, expanding retailers, allowing us to grow rental values in selected locations,” said Hammerson chief executive David Atkins.
“At the same time, global investors are increasingly seeking exposure to the benefits of high-quality retail assets, which has had a beneficial impact on capital values. We remain confident in our ability to deliver strong returns for shareholders.”
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