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Hammerson shares fall as the value of his real estate empire falls

Mall giant Hammerson’s shares tumble as the value of its real estate empire falls

Hammerson saw shares fall after a drop in the value of his real estate empire.

The shopping center group, which owns Birmingham’s bullring, said its estate was worth £5.1bn at the end of 2022, up from £5.4bn 12 months earlier.

Hammerson said it carried out “a disciplined program of divestment” of unwanted sites and was focusing business on “prime downtown” locations.

Depression: Hammerson, owner of Birmingham’s bullring (pictured), said her estate was worth £5.1bn at the end of 2022, up from £5.4bn 12 months earlier

It completed £195m of disposals last year and promised a further £300m of settlements by December 2023.

Market sentiment was also affected by a decline in rental income from £250.4 million in 2021 to £215.2 million.

share fell 11.5 per cent, closing at 25.94p.

Running back Peel Hunt said Hammerson’s balance sheet required “some TLC.”

But Chief Executive Officer Rita-Rose Gagne said the company had made progress despite “a volatile market and macroeconomic backdrop.”