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.”