Developer Hammerson toasts tidy half-year results
by Jak Phillips | 24 Jul 2014
The £70m Southampton Watermark WestQuay project was one of several mixed-use developments the company won planning permission for in the first half of 2014
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.”
26 Jun 2014
£70m Southampton Watermark WestQuay mixed-use scheme gets green light
12 Jul 2011
Hammerson secures approval for Leeds plans
23 Mar 2011
Didcot town centre in line for £125m revamp
22 Feb 2011
Hammerson to push forward with UK schemes
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,
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