|Big Cheese report|
"Real Estate Investment Trust: Regulatory News Service" (We knew that)
"Following a full review of strategy, Hammerson will now focus as a specialist retail REIT operating in the UK and France. Our standing office investments will be sold over the medium term in order to maximise value, with capital redeployed to retail assets, increasing our focus and scale.
"David Atkins, Chief Executive of Hammerson, said:
"These results prove the benefit of high quality assets combined with active management, which have delivered good income and capital growth in a challenging environment.
In addition, we have enhanced the prospective returns from the portfolio through targeted acquisitions and development activity, but retain a strong, flexible financing structure which will allow us to take advantage of further investment opportunities.
Following the review of our strategy we will focus on being the best owner-manager and developer of retail property within Europe. Hammerson has created a retail business delivering outperformance from prime assets in winning locations.
We now intend to sell our standing office investments over the medium term to maximise returns, redeploying capital into the retail sector to exploit our expertise and build on our existing scale. This will create efficiencies that lead to further cost savings and income growth from our portfolio."