Property firm Hammerson has today announced a 2.1 per cent rise in group like-for-like net rental income, emphasising continued demand for commercial properties.
Net asset value for the year ended December 31st 2012 rose 2.3 per cent while occupancy reached 97.7 per cent, beating expectations of 97 per cent and up compared with the half year.
Last year, Hammerson announced a shift in its strategy to a purely retail focus and the company has since invested £541 million into retail venues including Value Retail and Victoria Quarter.
“We have again proved that high-quality retail assets combined with active management can deliver good income growth even in a challenging environment,” Hammerson CEO David Atkins said.
“2012 was a transformational year for Hammerson, where we successfully executed over £1 billion of investment activity to become a pure retail-focused company.
“Looking forward, our visibility of the future earnings profile of the business gives us confidence, and we continue to seek opportunities to enhance the scale and efficiency of our business through further acquisitions.”
The property specialists also saw significant development progress over the period with a number of new signings including a move by department store John Lewis to anchor Leeds-based shopping centre Eastgate Quarters.
In January, the group announced the retirement of Chairman John Nelson, who is to be succeeded by current Sainsbury’s Chairman and Burberry Director David Tyler.
“This is my final set of results as Hammerson Chairman,” Nelson said today.
“Hammerson has great assets, a dynamic management team and clear prospects for further growth.
“Against a difficult economic backdrop, the numbers demonstrate strong performance and validate our strategic focus and operational execution.
“I am proud of what the company has achieved and I wish its shareholders and staff well for the future.”