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Hammerson has seen its gross rental income fall from £208m to £189m for the year ended 31 December 2024.
As a result, the company posted a loss of £526m, up from a £51m loss in the previous year, with the company putting £497m of this loss down to impairment in its sale of Value Retail.
However, Hammerson has branded the year “transformative” as it slashed its net debt by 40% to £799m versus a closing portfolio value of £2.7bn.
Furthermore, its sales were up 5% in the UK and 3% in France, with brand partners benefiting from “combined investments, new concepts and upsized stores”.
In the period, the company signed 262 leases on one million sq ft of space, generating annual headline rent of £41m.
It also completed a non-core disposal programme of £500m and deployed capital across its portfolio, including at the Bullring and Dundrum, which generated rents in excess of £184m.
CEO Rita-Rose Gagné said: “Following a transformative and successful year for Hammerson, we enter 2025 as a repositioned business. In landing the pivotal sale of Value Retail and completing our non-core disposals, we have generated £1.5bn of cash proceeds over the last four years, materially strengthening our capital structure, and enabling investment for growth in our high-quality portfolio.
“We have strategically realigned the business to benefit from structural market trends. First, cities are engines of economic growth, and we have concentrated our portfolio on exceptional assets in some of Europe’s fastest growing and most vibrant cities.”
She added: “Second, the flight to quality where occupiers want fewer and more productive stores in only these locations, enables us to attract leading global and local brand partners. Third, the physical experience has become more relevant for consumers and our brand partners, with at least 80% of all retail transactions touching a store.
“Investment in our destinations and our unique and specialist platform provides data-driven insights to curate the right product, placemaking and mix of brands. This platform is scalable and agile, driving tangible benefits with higher occupancy, leasing, footfall and sales above national benchmarks, whilst growing our catchment and market share. There is more to come.”
Hammerson owns a portfolio of shopping centres across the UK and Ireland including Brent Cross in London, The Bullring in Birmingham and Dundrum Town Centre in Dublin.
