Hammerson reveals boardroom changes

Hammerson Robert Noel AGM
Last week, Hammerson said its net rental income in 2020 fell 48.9% to £157.6m
// Hammerson non-executive director Pierre Bouchut due to step down at AGM
// Investment management veteran Habib Annous will join as non-executive director in May

Hammerson non-executive director Pierre Bouchut has informed the board that he will not be standing for re-election at its AGM.

The shopping centre owner will welcome Habib Annous as a non-executive director on May 5, who will also become a member of the audit, nomination and remuneration committees.

Annous has 30 years experience in investment management across a range of sectors, and was previously a partner at Capital Group.

READ MORE: Hammerson profits nosedive 83% after worst year on record for rents

“I am pleased to welcome Habib to the board. He has extensive investment experience across a range of sectors, which will complement and enhance the existing skills we have at board level and bring a valuable and fresh perspective,” Hammerson chairman Robert Noel said.

“I would also like to thank Pierre on behalf of all the board for his service over the last six years, and particularly for his commitment over the last 12 months, and we wish him well”.

Last week, Hammerson said its net rental income in 2020 fell 48.9 per cent to £157.6 million, with adjusted profits at the firm falling 82.9 per cent to £36.5 million.

The property giant wrote down the value of its shopping centres and stores by nearly £2 billion as Covid-19 saw rental income suffer the biggest fall in its history.

Bosses said its properties were worth £6.34 billion at the end of 2020 compared with £8.33 billion a year earlier.

Hammerson’s UK portfolio was the worst affected, with flagship sites and retail parks suffering like-for-like declines of 51 per cent and 42 per cent respectively, compared to 18 per cent falls in France and 30 per cent drops in Ireland.

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