Bullring owner set to offload UK retail venues after ‘tough’ 2018

Hammerson is to dispose of £900m of its property portfolio including retail parks in the UK

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.

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