Half year rental income down for Hammerson
Shopping centres group Hammerson saw gross rental income fall in the first half of 2024.
It wad down from £106.3 million a year earlier to £94.4m for the group which owns Bullring, Grand Central and Martineau Galleries in Birmingham.
Operating profit fell from £81m to £64.3m.
The value of the Hammerson portfolio reduced from £2.77 billion to £2.57bn with the UK portfolio at £759m.
It is in the process of planning the redevelopment of the Edgbaston Street car park in Birmingham city centre for residential usage.
Chief executive Rita-Rose Gagne said: "I am pleased to report we've had a strong first half. We are realising the benefits of our investments in recent years and with the agreed disposal of Value Retail, we now have the capacity and capability to accelerate growth and value creation. Our leading city centre destinations are in high demand, supported by our ongoing investment and repositioning. This is evidenced by another year-on-year increase in leasing, up 24 per cent. This is driving top line growth with more to come."
Hammerson raised £117m from property disposals in the half year and has now completed a£500m disposals programme, realigning its core portfolio to leading city centre destinations, whilst further strengthening the balance sheet.