Hammerson sees strong momentum continue in Q1 results

Hammerson, the property development and investment company, has shared a trading update for the three months ending 31 March 2023, revealing like-for-like gross rental income grew 5%.

Reflecting robust leasing and commercialisation performance, like-for-like net rental income was up +5% benefiting from solid collections. Gross administration costs decreased 13% year-on-year.

Hammerson saw continued momentum on leasing with 61 leases signed year-to-date, representing £9m of rent on a 100% basis. Occupancy rates across its entire portfolio reached an impressive 95%.

Hammerson is currently the owner, operator and developer of a number shopping destinations, including the Bullring & Grand Central in Birmingham, Highcross in Leicester, Union Square in Aberdeen, and Westquay in Southampton.

Overall footfall across destinations in the UK was up +6% and up +13% in Ireland.

Rita-Rose Gagné, Chief Executive of Hammerson, said: "We have maintained our focus on execution during the first few months of the year. We have a strong operational grip which is delivering top line growth, with continued momentum in leasing and a strong pipeline. We have further reduced costs, with more to come as we create a sustainable and agile platform.

"We have exited minority stakes in France and other non-core interests, bringing total disposals since the start of 2021 to over £840m, and a sharper focus on our core portfolio of city centre assets and land. We have further strengthened the balance sheet and maintain a disciplined approach to capital allocation. Looking forward, we have strong momentum and remain on track to return to cash dividends as previously guided."