Hammerson has announced results for the year ended 31 December 2014 that show its EPRA net asset value rising from 573p to 638p, an increase of 11.3%. The portfolio total return was 13.6%. Dividends totalled 20.4p up from 19.1p and these are payable from earnings per share up 3.5% from 23.1p to 23.9p. Like for like rental income rose by 2.1%. Hammerson’s loan to value ratio fell to 34% from 38%.
Occupancy at the year end was 97.5%.
In terms of new developments, construction commenced at Victoria Gate, Leeds, and WestQuay Watermark, Southampton, with pre-lettings of 40% and 58% respectively. They say they are on track for opening of Le Jeu de Paume, Beauvais, and Elliot’s Field, Rugby in 2015. In Croydon, compulsory purchase orders are being enacted over the site of their proposed development in conjunction with Westfield (pictured), planning approval has been granted at Brent Cross and a planning application submitted for The Goodsyard, East London. These latter three developments have total lettable area of 550,000 sqm and will cost between £1.24bn and £1.46bn to complete.
Disposals in the year included Queensgate and 10 Grosvenor Street, raising proceeds of £153m.
HMSO : Hammerson’s billion pound developments progressing