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Hammerson trades on its premier mall sites
By Sinead Cruise |
August 3, 2010, Tuesday
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Print Edition
Print Edition
ANGLO-FRENCH real estate investor Hammerson is betting on its landmark shopping malls to underpin its rising portfolio value and income levels, as fears for a relapse in global property prices stalk the market.
The retail property specialist, which owns or co-owns some of Europe's most popular shopping centres like the Birmingham Bullring in central England and Italie 2 near Paris, said consumer confidence was flagging. But some retail tenants who had survived the global property slump were now thriving due to lower market rents and weaker competition.
"Although the retail environment remains challenging, trading at our regionally dominant shopping centres remains strong," Chief Executive David Atkins said.
"We've been able to grow our income streams... unlike the wider market which has seen declines in the last six months," he said, pointing to the arrival of new brands including United States fashion retailer Forever 21, which is shortly due to open its first British store at the Bullring.
This leasing progress, particularly in the second quarter, boosted Hammerson's overall occupancy by 1 percentage point to 96 percent.
The retail property specialist, which owns or co-owns some of Europe's most popular shopping centres like the Birmingham Bullring in central England and Italie 2 near Paris, said consumer confidence was flagging. But some retail tenants who had survived the global property slump were now thriving due to lower market rents and weaker competition.
"Although the retail environment remains challenging, trading at our regionally dominant shopping centres remains strong," Chief Executive David Atkins said.
"We've been able to grow our income streams... unlike the wider market which has seen declines in the last six months," he said, pointing to the arrival of new brands including United States fashion retailer Forever 21, which is shortly due to open its first British store at the Bullring.
This leasing progress, particularly in the second quarter, boosted Hammerson's overall occupancy by 1 percentage point to 96 percent.
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