Hammerson's Chairman John Nelson: "Strong operational performance"

Statement at 81st Annual General Meeting

Link to Big Cheese's report

"Our results posted in February this year show a strong operational performance. Our portfolio increased in value to £5.7 billion, which meant that our net asset value per share at 31 December 2011 was £5.30, up 7% from £4.95 at the start of the year.

"... We are making good progress with a number of our major development schemes [and bad progress at one of them, Brent Cross Cricklewood!] and in addition have other extension opportunities within our existing portfolio in both the UK and France worth some £320 million.

"... Looking forward, we announced that, following a full review of our strategy, the Board had decided to focus on being a specialist retail property company. We believe that this strategy will enable us to generate superior returns, deepen customer relationships, capitalise on multi-channel opportunities and better position Hammerson to exploit acquisitions and developments." [But it's cut and run at Brent Cross!]