Share: Hammerson PlcJSE share code: HMNShare price: R75.65Average volume traded: 842,000/day There are plenty of reasons why retail property is no longer the flavour of the month — especially in the UK, where as weak consumer spending, the threat of e-commerce and Brexit concerns continue to weigh on investor sentiment. But it is becoming hard to ignore the value proposition offered by Hammerson, one of the largest mall owners in the UK and Western Europe. The counter is currently trading at a discount to NAV of almost 40%. The company differentiates itself from other British mall owners through a diversified earnings base. Only about 50% of its £10.6bn property portfolio is exposed to the UK; the rest is spread across 13 countries, including Ireland, France, Portugal, the Netherlands and Spain. Flagship assets include Birmingham’s Bullring, as well as Bicester Village in Oxfordshire, Dundrum Town Centre in Dublin, Ireland, and Les Terrasses du Port in Marseille, France. The company...

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