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[Reposted] Bloomberg: "U.K. Real Estate Rally ‘Unsustainable’, Societe Generale Says"

Link to web site

"This year’s gains by U.K. real estate companies are 'unsustainable' because of a deteriorating retail industry, Societe Generale said. 

"Hammerson Plc [is one of] the most vulnerable, because more than 10 percent of its store leases are due to expire this year, said the analysts. They added:
"The rapid rise in tenant failures will test the claims all U.K. major REITs make to have 'prime portfolio', and the question now is how viable are their leaseholders. Short of a genuine economic recovery, the U.K. real estate sector’s strong performance looks unsustainable."

Link to Hammerson web site

"Hammerson has been creating and managing some of the most exciting retail destinations and office buildings in Europe for over 60 years.

"Hammerson's vision is to be the best owner - manager and developer of retail property in Europe.

"Our strategy is to outperform through two areas of focus: income growth and high quality property, both of which are underpinned by our capital strength."

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