Hammerson » Interim Management Statement for the period 1 July to 9 November 2014
Interim Management Statement for the period 1 July to 9 November 2014

10.11.2014

Highlights

  • Consumer and occupier market conditions are improving in prime UK retail whilst remaining subdued but stable in France
  • UK shopping centre sales up +2.6% with France down -2.8%YTD
  • Substantial year on year growth in total rent from new group lettings (+37%) and total area of lettings (+21%)
  • Long term group leases YTD were struck at 9% above ERV
  • Creation of VIA Outlets, a new European outlet venture in partnership with Value Retail, APG and Meyer Bergman; pursuing acquisition strategy of European outlet assets
  • Acquisition of remaining 40% stake in Highcross shopping centre, Leicester
  • Acquisition of a 10% stake (totalling £24 million) in Nice Etoile shopping centre in Nice, France, forming a new joint venture with Allianz. Hammerson will asset manage the property
  • Sale of final office asset, 10 Grosvenor Street to facilitate office moves in London and Reading and further reduce cost base
  • Successful completion of share placing raising £399 million; early redemption of 2015 Euro bond triggered
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