Hammerson continues non-core sell-off as NAV falls again – Hammerson has reported another fall in net asset value and announced the sale of its stake in a Paris mall.
NAV per share dropped by 7.2% in the first six months of the year, while net rental income fell 12.3% to £156.6m.
Adjusted profit for the half year to the end of June dropped 10.5% to £17.4m, while the vale of the group’s portfolio fell by 4%, to £9.5bn compared to £9.9bn in June 2018. This resulted in a IFRA loss of £319.8m.
The company continued on its non-core disposal programme, exchanging contracts to sell a 75% stake in the Parisian shopping destination Italie Deux, and the forward sale of 75% of the Italik extension for a total of £423m, reflecting a yield of 4.1%.
The sale to AXA Investment Managers – Real Assets brings its 2019 sales programme to £456m – 90% of its £500m target for the year.
The group produced a capital return of -4.4%, with its gains in its premium outlet centres countered by falls in its UK flagship malls and retail parks. UK flagship malls made a 9.1% negative return, while retail parks had the worst performance with a -10.9% return.
HMSO : Hammerson continues non-core sell-off as NAV falls again