Interim Results

HAMMERSON PLC 31 August 1999 Hammerson Half Year Results Hammerson plc announces unaudited results for the six months to 30 June 1999. Financial highlights: 1999 1998 percentage change Net rental income £62.3m £60.0m +3.8% Profit before taxation £35.9m £36.0m -0.3% Adjusted profit before £37.1m £32.4m +14.5% taxation(1) Earnings per share 10.2p 11.4p -10.5% Adjusted earnings per 10.6p 10.1p +5.0% share(1) Dividend per share 4.19p 4.13p +5.0%(2) 30 June 31 1999 December 1998 Net asset value per 526p 485p +8.5% share Diluted net asset value 519p 481p +7.9% per share(3) Diluted net asset value 543p 495p +9.7% per share including developments at current market value(3) Notes: (1) Excluding exceptional items (2) After taking account of 0.14 pence per share in 1998 to allow for deferral to April 1999 (3) Diluted net asset value per share assumes the exercise of conversion rights relating to convertible bonds and of options granted over shares Operational highlights: - Adjusted profit before taxation increased by 14.5% to £37.1 million principally due to acquisitions, increased income from the investment portfolio and lower overhead costs. - The investment portfolio increased in value in the first half of 1999 by 5.9%, or 6.4% excluding the one-off effect of changes to French transfer taxes. - Excellent progress was made on the development programme with the office development at 40 rue de Courcelles, Paris let to ABN Amro and The Oracle shopping centre, Reading now 97% let or in solicitors' hands. The Chairman, Geoffrey Maitland Smith, said today: 'I am very pleased to report on Hammerson's continued progress in 1999. Hammerson has a clear strategy to build on its position as a leading European real estate company. It has a first class portfolio of shopping centres and offices which are performing strongly, some exciting developments underway and in the pipeline, and a team of dedicated and talented staff. The directors have declared an interim dividend of 4.19 pence per share payable on 3 November 1999. This represents an underlying increase of 5.0%, as last year's interim dividend included 0.14 pence to allow for its deferral until April 1999. Looking ahead, I believe that occupational demand across our markets will be sustained. Coupled with the limited level of development activity generally, this should lead to continued rental growth and a further increase in values over the medium term.' For further information: Ronald R Spinney Tel: 0171 887 1000 Chief Executive Fax: 0171 887 1010 Simon R Melliss Group Finance Director Christopher D M Smith Director of Corporate Affairs CHAIRMAN'S STATEMENT Introduction In this, my last Chairman's Statement before retirement, I am very pleased to report on Hammerson's continued progress in 1999. I feel privileged to have been associated with the Company over the last nine years and it is a source of great pleasure to me that Ron Spinney will succeed me as non-executive Chairman and that John Richards will become Chief Executive on 1 October. Hammerson has a clear strategy to build on its position as a leading European real estate company. It has a first class portfolio of shopping centres and offices which are performing strongly, some exciting developments underway and in the pipeline and a team of dedicated and talented staff. Results and Dividend Net rental income increased by 8.6%, on a like-for-like basis, when compared with the equivalent period last year. Adjusted profit before taxation increased by £4.7 million, or 14.5%, to £37.1 million principally due to increased income from the investment portfolio, acquisitions and, following the sale of the Canadian business, lower overhead costs. The directors have declared an interim dividend of 4.19 pence per share payable on 3 November 1999. This represents an underlying increase of 5.0%, as last year's interim dividend included 0.14 pence to allow for its deferral until April 1999. Portfolio An external valuation of the group's investment and development properties was carried out as at 30 June 1999. This showed an increase in the value of the group's investment portfolio in the first half of 1999 of 5.9%, or 6.4% excluding the one-off effect of changes to French transfer taxes. The UK retail and office portfolios increased in value by 6.5% and 7.2% respectively. In France, there was an increase in the value of the portfolio of 3.0%, after taking into account a one-off reduction of 3.2% resulting from legislative changes to French transfer taxes. In Germany property values increased by 1.2%. During the first half of the year, the group invested a total of £262 million. In addition to expenditure on the development programme, this included the acquisitions of the Harbour Exchange Estate, Docklands, London E14 for £77 million and the Euston Square Estate, London NW1 for £84 million. Both these major office investments are performing well. The group raised a total of £68 million from disposals which included the sale of Saar Galerie, Saarbrucken and Shopping Etrembieres in France, each for £20 million. Investment activity has continued in the current half of the year with the recent acquisition for £28 million of a prime office development site, 280 Bishopsgate in central London, where a start on site is anticipated this year. In addition the group increased its leasehold interest in the Liberty Shopping Centre, Romford from 50% to 99.5% for £52 million. In July, the group sold Wolsey Place Shopping Centre, Woking for £46 million. Development Programme The group's phased development programme continues, with two of the major projects virtually completed, other projects being advanced and a number of new opportunities being secured. At 30 June 1999 the development portfolio had a current market value of £385 million compared with the book cost included in the balance sheet of £309 million. The Oracle in Reading, a 65,000 sq.m. regional shopping centre being developed as a joint venture with ADIA, will open in September this year. It is virtually fully leased to high quality retailers and leisure operators. Good progress is being made at West Quay, Southampton where we are building a regional shopping centre of 70,600 sq.m.. The centre, a joint venture with Barclays plc, is scheduled to open in Autumn 2000 and over half of the anticipated rental income has either been contracted or is in solicitors' hands. At Brent Cross, the public inquiry into Hammerson's proposed 27,000 sq. m.expansion concluded in June and the result is expected in the first half of next year. The major refurbishment of Centennium House, London EC3 has been completed and there is an encouraging level of interest from potential tenants. The development of 16, Old Bailey, London EC4 is proceeding well, with completion scheduled for June 2000, and marketing of the space is now underway. Since 30 June, the group's 17,700 sq. m.office development at 40 rue de Courcelles, Paris has been completed and handed over to ABN Amro, which has leased the building for nine years at a rent of FF3,500/sq.m., a record level in the current cycle. A comprehensive redevelopment has started at 54 boulevard Haussmann, Paris with completion scheduled for the end of 2000. The building will provide 12,700 sq.m. of space and is 97% pre-let to retail tenants. Since 30 June, we have completed documentation for The Birmingham Alliance, a partnership between Hammerson, Henderson Investors and Land Securities PLC to redevelop merged property interests in the retail heart of Birmingham. Hammerson now has a one third interest in the 12 hectare Bull Ring site where enabling works commenced recently as a prelude to the development of a shopping centre of 110,000 sq.m., the main construction of which is expected to start in 2001. In addition, Hammerson has acquired a one third interest both in the nearby Martineau Place site, where work to provide 16,700 sq. m.of shop units is planned to begin next spring and in the adjacent Priory Square Shopping Centre. The latter provides good current income and longer term redevelopment potential. Balance Sheet and Cash Flow Diluted net asset value per share increased in the six months to 30 June 1999 by 7.9% to 519 pence, mainly due to the increase in value of the group's investment portfolio. Including developments at current market value, diluted net asset value per share rose to 543 pence compared with 495 pence at the end of 1998, an increase of 9.7%. Operating cash flow for the six months to 30 June 1999 after deducting interest and tax was £15 million, compared with £27 million in the first half of 1998. This reflected tax paid of £20 million on the disposal of the Canadian business. Since 31 December 1998, the group's net borrowings have decreased by £144 million to £755 million, principally reflecting the receipt of the proceeds from the sale of the group's Canadian business partly offset by capital expenditure. In June, Hammerson arranged a Euro 300 million unsecured eight year bond issue at a coupon of 5.0% per annum. The average maturity of the group's borrowings is now 14 years. Hammerson's financial condition remains strong. Gearing was 50% at 30 June 1999, compared with 64% at the 1998 year end. With cash balances of £102 million and undrawn committed facilities of £369 million, the group has substantial resources for further investment. Year 2000 Hammerson's Year 2000 project has continued during the course of this year. The emphasis has been on the testing and, where necessary, replacement of equipment and the preparation of effective contingency plans. In addition, we have been assessing the progress of our third party suppliers, such as managing agents, in meeting our compliance targets and preparing plans for the millennium weekend. The total cost of the project is approximately £1.5 million. We believe that the work carried out and plans in place are appropriate to ensure that the Company and its properties are able to operate as normal over the millennium period. Markets and Outlook In the UK, sentiment in the property markets improved markedly in the first six months of 1999 and strong investment demand led to a hardening of yields and an increase in values. There was continuing demand for units in dominant shopping centres leading to modest rental growth. Occupational demand remained good for prime offices in the West End and Docklands. In the City of London confidence improved during the first half of the year but rents were little changed. In France, retailer demand for prime units continued to improve resulting in good rental growth. The central Paris office market saw strong occupational demand for prime accommodation and, coupled with a relatively low supply, this led to an encouraging increase in rents. Investment interest continued to improve, reflecting the good prospects for rental growth, which led to a rise in values. The German economy is showing signs of modest recovery. Although rental growth in the retail sector over the first half of the year was marginal, there was an increase in demand for prime retail units and this is continuing. Investment yields for prime shopping centres improved slightly. Looking ahead, I am optimistic that occupational demand across our markets will be sustained. Coupled with the limited level of development activity generally, this should lead to continued rental growth and a further increase in values over the medium term. Board At the Annual General Meeting on 13 May, I outlined the Board changes that will take place on 1 October. Ron Spinney will succeed me as non-executive Chairman and John Richards will become Chief Executive. Two other Board appointments also come into effect on 1 October. Peter Cole and Gerard Devaux, both of whom have over ten years experience with the group, become Development Director and Managing Director for Continental Europe respectively. I am confident that, following these changes, the Board will continue to provide the vision and skills for Hammerson to maintain its progress in the future. Geoffrey Maitland Smith Chairman 31 August 1999 Unaudited Consolidated Profit and Loss Account Year Six Six ended months months 31 December ended ended 1998 Notes 30 June 30 June 1999 1998 £m £m £m 107.4 Net rental income : 1 62.3 49.1 20.5 Continuing operations - 10.9 Discontinued operations 127.9 62.3 60.0 (16.3) Administration expenses (7.5) (8.0) 93.9 Operating profit : 54.8 43.0 17.7 Continuing operations - 9.0 Discontinued operations 111.6 54.8 52.0 Exceptional items: 7.2 (Loss)/Profit on sale of (1.2) 3.6 12.9 investment properties - - Profit on the sale of Canadian operations 131.7 Profit on ordinary 53.6 55.6 activities before interest (42.8) 2 (17.7) (19.6) Cost of finance (net) 88.9 Profit on ordinary 35.9 36.0 activities before taxation (20.2) 3 (5.2) (2.5) Taxation 68.7 Profit on ordinary 30.7 33.5 activities after taxation (2.3) (1.4) (0.9) Equity minority interests 66.4 Profit for the period 29.3 32.6 (36.9) Dividends 4 (12.1) (11.9) 29.5 Retained profit for the 17.2 20.7 period 23.1p Earnings per share 5 10.2p 11.4p 23.1p Diluted earnings per share 5 10.2p 11.4p 21.1p Adjusted earnings per share 5 10.6p 10.1p Unaudited Consolidated Balance Sheet 31 December Notes 30 June 30 June 1998 1999 1998 £m £m £m Fixed assets 2,163.2 Land and buildings 6 2,417.4 2,096.4 0.7 Fixtures, fittings and 0.7 1.5 equipment 2,163.9 Tangible assets 2,418.1 2,097.9 - Investments 7 6.1 - 2,163.9 2,424.2 2,097.9 Current assets 371.6 Debtors 8 46.7 41.1 165.3 Cash at bank and in 102.3 210.2 hand 536.9 149.0 251.3 Creditors falling due within one year (31.3) Borrowings 9 (6.0) (37.1) (163.1) Other 10 (117.1) (100.4) 342.5 Net current assets 25.9 113.8 2,506.4 Total assets less current 2,450.1 2,211.7 liabilities Creditors falling due after more than one year (1,032.6) Borrowings, including 9 (851.2) (881.3) convertible bonds (14.3) Other 10 (12.9) (17.7) (60.8) Equity minority (66.4) (32.3) interests 1,398.7 1,519.6 1,280.4 Capital and reserves 72.1 Called up share capital 72.2 72.0 525.9 Share premium account 527.3 525.7 489.0 Revaluation reserve 629.9 379.0 1.5 Other reserves 1.5 1.5 310.2 Profit and loss account 288.7 302.2 1,398.7 Equity shareholders' funds 1,519.6 1,280.4 Statement of Total Recognised Gains and Losses Year Six Six ended months months 31 December ended ended 1998 30 June 30 June 1999 1998 £m £m £m 66.4 Profit for the period 29.3 32.6 131.1 Unrealised surplus on 109.6 - revaluation of properties Taxation on realisation of (22.8) previous years' - - revaluation gains (4.2) Exchange translation (7.4) (5.2) movements 170.5 Total recognised gains and 131.5 27.4 losses for the period Note of Historical Cost Profits and Losses Year Six Six ended months months 31 December ended ended 1998 30 June 30 June 1999 1998 £m £m £m 88.9 Profit on ordinary 35.9 36.0 activities before taxation Realisation of previous 30.9 years' revaluation (33.4) 10.3 (losses)/gains Historical cost profit on 119.8 ordinary activities before 2.5 46.3 taxation Historical cost 37.6 (loss)/profit for the (16.2) 31.0 period after taxation, equity minority interests and dividends Reconciliation of Movements in Shareholders' Funds Year Six Six ended months months 31 December ended ended 30 June 30 June 1999 1998 £m £m £m 29.5 Retained profit for the 17.2 20.7 period 104.1 Other recognised gains and 102.2 (5.2) losses 12.3 Issue of shares 1.5 12.1 145.9 Net increase in 120.9 27.6 shareholders' funds 1,252.8 Shareholders' funds at 1 1,398.7 1,252.8 January 1,398.7 Closing shareholders' 1,519.6 1,280.4 funds Unaudited Consolidated Cash Flow Statement Year Six Six ended months months 31 December ended ended 1998 Notes 30 June 30 June 1999 1998 £m £m £m 115.9 Net cash flow from 12 57.0 48.7 operating activities (52.8) Returns on investment and 12 (22.2) (20.0) servicing of finance (26.5) Corporation tax paid (20.3) (2.1) (262.5) Capital expenditure 12 (193.8) (157.4) (78.9) Acquisitions and 12 320.7 - disposals (11.5) Equity dividends paid (36.8) (11.5) Cash inflow/(outflow) (316.3) before movements in 104.6 (142.3) liquid resources and financing (74.6) Decrease/(Increase) in 100.5 (125.7) liquid resources 399.9 Net cash (outflow)/inflow 13 (167.4) 271.0 from financing 9.0 Increase in cash in the 37.7 3.0 period Unaudited Reconciliation of Net Cash Flow to Movement in Net Debt Year Six Six ended months months 31 December ended ended 30 June 30 June 1999 1998 £m £m £m 9.0 Increase in cash in the 37.7 3.0 period (399.2) Decrease/(Increase) in 168.9 (271.0) debt 74.6 (Decrease)/Increase in (100.5) 125.7 liquid resources (315.6) Change in net debt 106.1 (142.3) resulting from cash flows Disposal of secured bank 26.5 debt on disposal of - - subsidiary Adoption of secured bank (28.5) debt on acquisition of - - property (0.2) Exchange adjustment 37.6 14.9 (317.8) Movement in net debt in 143.7 (127.4) the period (580.8) Opening net debt (898.6) (580.8) (898.6) Closing net debt (754.9) (708.2) Notes to the Accounts 1 NET RENTAL INCOME Year Six Six ended months months 31 December ended ended 1998 30 June 30 June 1999 1998 £m £m £m 80.0 United Kingdom 47.1 39.0 20.7 France 10.9 6.9 6.7 Germany 4.3 3.2 107.4 Continuing 62.3 49.1 operations 20.5 Discontinued - 10.9 operations-Canada 127.9 62.3 60.0 The net rental income of £60.0m for the six months ended 30 June 1998 was equivalent to £60.7m translated at 30 June 1999 exchange rates. 2 COST OF FINANCE (net) Year Six Six ended months months 31 December ended ended 1998 30 June 30 June 1999 1998 £m £m £m 66.0 Interest payable and similar 30.8 29.3 (11.8) charges (7.5) (5.1) (11.4) Interest payable capitalised (5.6) (4.6) Interest receivable 42.8 17.7 19.6 The net cost of finance of £19.6m for the six months ended 30 June 1998 was equivalent to £20.0m translated at 30 June 1999 exchange rates. 3 TAXATION The tax charge for the six months ended 30 June 1999 is based on the projected effective tax rate for the full year. The charge reflects the recovery of advance corporation tax previously written off and allowances for capital expenditure. The charge includes overseas taxation of £0.3m (30 June 1998: £0.8m). No tax has been charged on the sale of investment properties in the period. The tax charge for the year ended 31 December 1998 included £14.3m which related to the disposal of Hammerson Canada Inc. 4 DIVIDENDS The directors have declared an interim dividend of 4.19 pence per share payable on 3 November 1999 to shareholders on the register at the close of business on 10 September 1999. 5 EARNINGS PER SHARE Earnings per share has been calculated on the profit for the financial period of £29.3m and the weighted average number of shares in issue during the six months ended 30 June 1999 of 288.5m. Diluted earnings per share assumes the exercise of options granted over shares. Adjusted earnings per share excludes exceptional items and tax on property disposals and is calculated on the adjusted profit for the period of £30.5m. Exceptional items decreased earnings per share by 0.4 pence in the six months to 30 June 1999. 6 LAND AND BUILDINGS Fully Properties developed in the course properties of development at valuation at cost Total £m £m £m Balance at 1 January 1999 1,958.7 204.5 2,163.2 Exchange and other (43.4) (4.4) (47.8) adjustments Additions at cost 190.1 58.1 248.2 Disposals at valuation (69.6) - (69.6) Transfers (43.7) 43.7 - Development outgoings - 6.9 6.9 capitalised Revaluation surplus 116.5 - 116.5 Balance at 30 June 1999 2,108.6 308.8 2,417.4 Fully developed properties are stated at market value as at 30 June 1999, valued by professionally qualified external valuers, Jones Lang LaSalle, Chartered Surveyors. In the United Kingdom the valuation was performed jointly with Donaldsons, Chartered Surveyors, who also acted in the capacity of external valuers. The valuations have been prepared in accordance with the Appraisal and Valuation Manual of The Royal Institution of Chartered Surveyors. On 1 January 1999, new transfer tax legislation was introduced in France reducing the rate of tax payable by purchasers of commercial property and increasing the rate of tax on the transfer of shares in companies owning commercial property. The effect of this change in legislation was to reduce the value of the French portfolio by £10m. At 30 June 1999 the market value of properties held for development was £385.3m. The total amount of interest included in development properties at 30 June 1999 was £14.3m. Should the group's properties be sold at their book value a tax liability of approximately £63m would arise. No provision for this contingent liability has been made as it is not expected that any liability will arise in the foreseeable future. 7 INVESTMENTS Investments represent a 30% interest in Value Retail Investors Limited Partnership which has an interest in a designer outlet centre in Bicester, United Kingdom. The interest was acquired in January 1999 at a cost of £6m. The investment is included at its market value at 30 June 1999 of £6.1m, the property element of which has been appraised by Donaldsons, Chartered Surveyors. 8 DEBTORS 31 30 June 30 June December 1999 1998 1998 £m £m £m Due within one year 17.5 Trade debtors 18.7 15.2 324.8 Due from sale of Canadian - - 20.3 operation 23.4 19.9 5.2 Other debtors 0.1 0.1 3.8 Corporation tax 4.5 5.9 Prepayments 371.6 46.7 41.1 9 BORROWINGS 31 30 June 30 June December 1999 1998 1998 £m £m £m 452.8 Bank loans and overdrafts 71.6 203.1 445.9 Other loans: Unsecured 635.8 551.7 57.5 Secured 42.0 55.9 107.7 Convertible bonds 107.8 107.7 1,063.9 857.2 918.4 On 29 June 1999 the Company issued Euro 300m 5.0% bonds. The bonds are redeemable at par on 29 June 2007. Maturity 31 30 June 30 June December 1999 1998 1998 Bank Other Total loans loans Total Total and overdrafts £m £m £m £m £m 771.3 After 5 years 2.3 698.3 700.6 604.7 260.3 From 2-5 years 63.9 150.0 276.4 1.0 From 1-2 years - 86.1 0.6 0.2 0.6 1,032.6 Due after more 66.2 785.0 851.2 881.3 than 1 year 31.3 Due within 1 year 5.4 0.6 6.0 37.1 1,063.9 71.6 785.6 857.2 918.4 Analysis by currency 31 30 June 30 June December 1999 1998 1998 £m £m £m 319.4 Sterling 408.9 319.9 228.5 Canadian dollars - 230.9 516.0 Euro currencies 448.3 367.6 1,063.9 857.2 918.4 Undrawn committed facilities 31 30 June 30 June December 1999 1998 1998 £m £m £m 5.5 Expiring in 1999 3.6 36.6 - Expiring in 2000 - - 3.9 Expiring after 2000 365.5 257.7 9.4 369.1 294.3 10 CREDITORS - OTHER 31 30 June 30 June December 1999 1998 1998 £m £m £m Falling due within one year 32.6 Trade creditors 35.9 35.4 23.0 Other creditors 18.7 18.9 39.8 Taxation 23.9 19.3 36.9 Dividends payable 12.1 11.9 30.8 Accruals 26.5 14.9 163.1 117.1 100.4 Falling due after more than one year 14.3 Other creditors 12.9 17.7 11 FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES 31 December 30 June 1999 30 June 1998 1998 Book Fair Book Fair Book Fair value value value value value value £m £m £m £m £m £m (986.1) (1,109.9) Borrowings (779.9) (867.5) (850.4) (942.2) (107.7) (102.0) Convertible (107.8) (127.1) (107.7) (126.1) bonds - (9.8) Interest - (15.3) - 0.7 rate swaps 29.9 16.8 Currency 30.5 31.0 39.7 42.2 swaps (1,063.9) (1,204.9) Total (857.2) (978.9) (918.4) (1,025.4) borrowings The fair value of financial assets is the same as their book value. The fair values shown above are before any tax relief. 12 ANALYSIS OF CASH FLOWS Year Six Six ended months months 31 December ended ended 1998 30 June 30 June 1999 1998 £m £m £m Reconciliation of operating profit to net cash inflow from operating activities 111.6 Operating profit 54.8 52.0 0.7 Depreciation 0.2 0.3 0.2 Letting costs written off - - (5.3) Increase in debtors (8.1) (6.3) 8.7 Increase in creditors 10.1 2.7 115.9 57.0 48.7 Returns on investment and servicing of finance 11.9 Interest received 5.7 5.1 (63.8) Interest paid (26.3) (24.2) (0.9) Dividend paid to minorities (1.6) (0.9) (52.8) (22.2) (20.0) Capital expenditure (330.0) Purchase and development of (262.2) (195.3) 67.5 property 68.4 37.9 Sales of property (262.5) (193.8) (157.4) Acquisitions and disposals (14.9) Disposal of subsidiary company 320.7 - (64.0) Purchase of subsidiary - - companies (78.9) 320.7 - 13 ANALYSIS OF CASH FLOW FROM FINANCING Year Six Six ended months months 31 December ended ended 1998 30 June 30 June 1999 1998 £m £m £m 197.0 Issue of bonds 193.7 197.0 0.7 Issue of shares 1.5 - 212.1 (Decrease)/Increase in medium (386.1) 78.2 (9.9) term borrowings 23.5 (4.2) Increase/(Decrease) in short term borrowings 399.9 (167.4) 271.0 14 OTHER INFORMATION The financial information contained in this report does not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985. The results for the year ended 31 December 1998 are an abridged version of the full accounts for that year which received an unqualified report from the auditors which did not contain a statement under s237(2) or (3) of the Companies Act 1985. The full accounts for the year ended 31 December 1998 have been filed with the Registrar of Companies. The unaudited financial information contained in this report has been prepared on the basis of the accounting policies set out in the full accounts for the year ended 31 December 1998, except that the property portfolio was not revalued at 30 June 1998. PROPERTY PORTFOLIOINFORMATION Fully Underlying Net Vacancy developed valution rental investment change income properties at valuation £ m % £ m % United Retail London and 456.9 7.3 13.4 1.3 Kingdom South of England Midlands & 273.6 5.1 6.6 5.0 North of England 730.5 6.5 20.0 2.7 Office City 384.4 1.8 13.9 6.7 West End 371.9 11.5 9.9 0.7 Docklands 150.9 11.5 3.3 12.8 and Other 907.2 7.2 27.1 6.6 Total United 1,637.7 6.9 47.1 4.6 Kingdom Continental Retail France 315.7 3.1 9.9 1.6 Europe Germany 145.0 1.2 4.3 7.5 460.7 2.5 14.2 4.4 Office France 10.2 1.7 1.0 - Total 470.9 2.4 15.2 4.3 Continental Europe Group Retail 1,191.2 4.9 34.2 3.4 Office 917.4 7.1 28.1 6.5 Total Group 2,108.6 5.9 62.3 4.5 Number of property holdings by value Between Between Above £50m and £25m Below £100m £100m and £50m £25m Total Retail 4 6 3 2 15 Office 3 3 6 11 23 Total 7 9 9 13 38

Companies

Hammerson (HMSO)
UK 100
FTSE quotes by TradingView

Latest directors dealings

All directors dealings today