Registering a 10.9% fall in profits to £214m during the 12 months to December 31, Hammerson also saw rental income for the same period drop 11.2% to £308.5m.

Hammerson chief executive David Atkins said despite a challenging retail backdrop it has “exceeded its 2019 disposal target” by exiting the retail parks it had previously stated and reduced the property owner’s debt by a third.

“This delivered nearly £1bn of transactions in the process,” Atkins added.