Hammerson: Paris and Croydon disposals leave £1.2m dent but revenues rise
Hammerson reported a loss of £1.2m after the disposal of its stakes in Croydon and Paris shopping centre developments, while its revenue rose eight per cent.
The property developer’s loss in its half-year results this morning was made against a £50.3m profit compared to last year.
This comes after the shopping centre giant sold its 50 per cent stake in the major retail development to joint venture partner Unibail-Rodamco-Westfield, in April.
In 2021, the £1.4bn scheme to bring a Westfield’s to Croydon and revive its town centre with the help of Hammerson was scrapped after it received a number of setbacks including John Lewis pulling out as its anchor tenant.
The Brent Cross owner did however note a rise in revenues to £69.1m up from £63.7m compared to last year, as it was bolstered by simplifying its portfolio with the exit from minority stakes in France.
Foot-fall across its retail assets also rose two per cent in the UK and seven per cent in France and Ireland.
Sales and occupancy levels also improved and rent collection showed signs of stabilising post-pandemic.
“We have further simplified our portfolio with the exit from minority stakes in France, our standalone development interests in Croydon, and other non-core land, generating £215m in disposal proceeds, further strengthening the balance sheet whilst bringing a sharper focus to investment opportunities in the core portfolio,” Rita-Rose Gagné, chief executive of Hammerson, said
“Our strategy is driven by the repositioning of our unique city centre destinations in some of Europe’s fastest-growing cities from traditional retail-anchored footprints to a broader mix of uses. T
“Today we are a more agile, market facing, asset-centric Hammerson that continues to reshape our urban destinations to be fit for future lifestyles.”