Retail property

Hammerson cuts losses after portfolio disposals

Silverburn: sold

Property group Hammerson cut its annual loss to £429.1m from £1.7bn and said it had made fundamental changes in its business over the past year.

This has led to realigning the portfolio with £623m of disposals, including the Silverburn shopping centre in Glasgow, significantly strengthening the balance sheet, re-setting the organisation and putting in place a clear strategy for value creation focused on our prime urban estates.

Rita-Rose Gagné, chief executive said: “The pandemic has accelerated trends in our operating environment, with people engaging with physical space in new ways. Our role is to create and curate relevant, appealing and sustainable spaces for the future.

“We are already seeing the tangible results from our strategy with strong occupier leasing demand, reduced vacancies, improved collections, a lower cost base and clear path to value creation from our land bank.

“We have more to do. Today we are a forward-looking organisation with our assets at the heart of driving value creation.”

The final dividend is maintained at 0.2p.

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