Property management firm Hammerson, which owns the Bullring in Birmingham and London’s Brent Cross shopping centres, is set to offload over £900m of its property portfolio following ‘tough’ 2018 results.
A wave of retail administrations and CVAs, subdued consumer spending and the structural shift in the retail sector has affected the firm’s results, which saw it sell off £570m of property at an average disposal price of 7%, below December 2017’s book value.
It also saw a 6.2% drop in net rental income, around £3m, to reach £347.5m in 2018.