Higher shop rents boost Hammerson

RENTAL income and profits surged at property developer Hammerson, owner of Brent Cross and Romford's Liberty Centre, as slowing consumer spending failed to dent retailers' appetite for new space.

Chairman Ronald Spinney said retail sales growth slowed during the first half from the high levels of a year ago.

'The outlook is for continued modest increases in consumer spending,' he said. 'Against this background, rental growth for prime shopping centres and retail parks has continued.'

In the six months to 30 June Hammerson increased its net rental income to £97.5m, a rise of 16.8% on a year ago. This boosted pre-tax profits over the period to £47.4m, 27.1% more than last year.

The value of Hammerson's overall property portfolio, however, grew by only 0.8% to £3.9bn. A 3.5% drop in the value of its British and French office properties dragged back sharp increases in the value of its new British retail parks and shopping centres.

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