The real estate company that owns the Birmingham’s Bullring retail complex and Brent Cross Shopping Centre in north London has reported a seven per cent year-on-year increase in pre-tax profit for the six months to June 30th.
Profits of £70.2 million were attributed to lower finance costs, new lettings and rent reviews, which more than offset the effect of property disposals in 2009.
These disposals resulted in overall net rental income at Hammerson dropping £16.4 million to £140 million over the course of the year. However, occupancy levels have reached 96 per cent - one per cent up on the end of 2009.
Hammerson, which also owns and manages some of the top shopping centres in the Ile-de-France region, including Italie 2 and Les 3 Fontaines, hopes to make further progress in the months ahead.
John Nelson, Chairman of the property firm, said: “We are maintaining a clear focus on improving our portfolio, maximising the income from each of our assets and sound financial management.
“We have made good progress this year in each of these areas. The underlying quality of our portfolio has been demonstrated in our results, with lower vacancy and growing income in a challenging environment.”
The last six months also saw Hammerson acquire Leadenhall Court, London EC3 and Battery Retail Park, which the company hopes will improve the future growth prospects of the business.