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2019-08-01

Yahoo: "Hammerson swings to loss amid challenges to retailers"


Link to web site

"[Brent Cross] owner Hammerson has unveiled stinging losses as its portfolio of shopping centres slumped in value amid challenges to the high street.

"The retail property firm swung to a loss of £319.8 million in the six months to June 30, compared with a £55.7 million profit this time last year. On an adjusted basis, which is the company’s preferred measure, profits were down 10.5% to £107.4 million.

"The headline loss was largely down to a £423.4 million net revaluation loss on its property portfolio in the first half, as continuing market uncertainty and a slowdown in leasing affected value, especially in the UK. More than half of this was down to its flagship shopping destinations in the UK, which had a revaluation deficit of £266 million."

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