Hammerson reports profits increase in 2010

REIT hammerson has today released its annual results for 2010 reporting a strong financial performance with pre-tax profits up 11.2%.

Hammerson’s portfolio includes some of the UK’s biggest shopping centres and significant office assets in Central London at which it saw like-for-like rental income growth of 3.5%. Occupancy at the end of the year stood at 97.3% compared to 95.4% at the end of 2009.

Disposals of mature assets in 2010 raised £555m with £219m invested in attractive acquisition opportunities repositioning the portfolio for improved growth prospects. Offices in the City of London were sold and others acquired including leadenhall Court, EC3, and a stake in 10 Gresham Street, EC2 (pictured).

Also in the City, Hammerson submitted a detailed planning application for the development of 495,000 sq ft of office space at London Wall Place, on the former St Alphage site. It also has a cleared site and is seeking a pre-let at Bishops Place, a proposed mixed-use development with 560,000 sq ft of office space in Shoreditch.

John Nelson, Chairman of Hammerson, commented: “This is a strong set of results which reinforces the strategy we are pursuing. Our rigorous focus on the performance of each asset is improving occupancy and income. We have sold mature assets and reinvested in properties which offer better growth prospects through active management. Looking forward, out financial flexibility and continued asset recycling will allow us to continue to take advantage of opportunities which we believe will arise in the coming period.”

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Posted by Sophie