London office space demand boosts Hammerson profits

Property firm Hammerson's profits bounce back thanks to demand for London office space

Article posted: 22 Feb 2011

Strong demand for office space in London helped Hammerson to achieve a 17.6 per cent rise in net asset values last year.

The Anglo-French property owner reported pre-tax profits of £620.2 million for the 12 months to December 31st 2010, compared with losses of £453.1 million in 2009.

Hammerson, which owns London's Brent Cross shopping centre and a number of office developments, said it benefited from "the highest level of leasing activity since 2006" in the capital.

Meanwhile, overall occupancy rates at the company's sites improved from 94.5 per cent to 97.3 per cent.

"Our rigorous focus on the performance of each asset is improving occupancy and income," commented John Nelson, the firm's chairman.

He added that the company has "sold mature assets and reinvested in properties which offer better growth prospects through active management".

During 2010, Hammerson purchased buildings providing office space in the City of London at 1 Leadenhall Court and 10 Gresham Street.

Posted by Jenni