Hammerson, which is developing major schemes in the UK and continental Europe, revealed the depressing performance at its interim results last week.
Hammerson’s fortunes have nosedived in a year. Last June, it published profits of£367.8 million. Since then its share value has plummeted.
Hammerson chairman John Nelson said: “The conditions in the international debt markets are the most difficult to have been experienced for many years. This has led to falls in real estate values in a number of markets and it is difficult to predict when conditions will improve.
“However, given the strength of our business and our experienced management team, I believe we are in a good position to exploit these more difficult markets.”
The developer is preparing for the opening next month of one of the country’s biggest shopping centre schemes this year, Cabot Circus in Bristol, which it has built jointly with Land Securities. Also opening in September is Hammerson and Hermes’ Highcross Leicester scheme, which will be anchored by John Lewis and includes more than 130 apartments.
In addition, the extension to the O’Parinor shopping centre in Paris is in its final stages. The second phase of the 258,000 sq ft (24,000 sq m) centre will open in September this year.
Hammerson said there has been strong letting demand for the three centres.
Cabot Circus is 83 per cent let, as is Highcross.
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