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Is Hammerson telling porkies? FT: "Investors sceptical of Hammerson retail property valuations"

"Why [Brent Cross] shopping centre owner took umbrage at Klépierre’s recent proposal to buy it out"

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"After European shopping centre owner Klépierre said this week it had made an unsuccessful approach to buy UK rival Hammerson for £5bn, the target sounded almost offended in its response."

"... This disgruntled response goes to the heart of a fundamental disagreement between the UK’s largest property companies and their investors, many of whom have lost faith in 'bricks and mortar' shops, about how much these companies are worth. While Klépierre made an approach based on Hammerson’s share price, Hammerson has argued that the value of its property portfolio is what really matters. And the difference between the two is large.

"Measured by its share price before the Klépierre offer was announced to the market, Hammerson’s market capitalisation was £3.5bn. But according to the most recent figures published by the company, which owns some of Britain’s best-known shopping centres including London's Brent Cross and the Bullring in Birmingham, the net value of its assets is £6.2bn."

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