Hammerson heeds caution on Brexit with sale of UK properties
UK-based Hammerson is diversifying away from its home region because of uncertainty around the Brexit process. The group, which reported half-year results to end-June on Tuesday, said it was concerned that its UK properties would lose value when the Brexit process was completed. Ireland and France stood out as two future growth markets as well as parts of Spain where tourism was booming, chief financial officer Timon Drakesmith said. Hammerson would focus on its large retail centres, as well as its outlet stores, which focused on premium brands. By 2020, Hammerson will have 60% of its portfolio in Europe and the rest situated in the UK, Drakesmith said. Hammerson has its headquarters in London and owns a portfolio of malls and outlet centres in England, France, Ireland and Spain, valued at £10.626bn.
The company said the first six months had been difficult, with its interim profit plunging to £55.7m from £287.1m in the comparable period last year, as it faced competition from ...