// Hammerson reports £429m loss in fiscal-2021
// Asset valuation was down 15% to £5.4bn
Hammerson has reportedly witnessed a £429 million loss in its fiscal-2021.
The property firm saw a valuation drop of £470 million during the period contributed to the showing.
Asset valuation was down 15% to £5.4 billion, while operating profit rose 122% to £81 million, Property Week reported.
READ MORE: Hammerson finalises £120m sale of Leeds shopping malls
Last week, Hammerson finalised the £120 million sale of two shopping centres in Leeds with entities related to property investor Redical Holdings.
“We’re repositioning towards the city center destinations and repurposing. The Leeds assets were less in that category,” Hammerson chief executive, Rita-Rose Gagné said.
“Its a different proposal of retail, which is less synergetic with our portfolio. The assets are better in the hands of others than they are in ours at this moment.”
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