31st Jul 2025 12:12
(Alliance News) - Hammerson PLC announced on Thursday it plans to buy the remaining interest in Bullring & Grand Central, as the London-based real estate investment trust returned to the black in the first half of 2025.
It focuses on city-centre shopping centres in the UK and elsewhere.
The company said it is suspending its share buyback and plans an equity placing to help fund its acquisition of Birmingham's Bullring & Grand Central for GBP319 million. It expects this deal, which will also be funded from existing cash resources, to close in early next month.
Hammerson said it raised up to 10% of the existing issued share capital through an institutional placing for GBP319 million.
Chief Executive Officer Rita-Rose Gagne described the Bullring acquisition as an "exciting milestone" for Hammerson.
For the six months that ended June 30, pretax profit was GBP79.1 million, swung from a loss of GBP24.0 million a year earlier.
Net rental income was GBP80 million, up 9.6% from GBP73 million, driven by what it called "active asset management" and "strategic focus on high quality landmark destinations".
Hammerson declared an interim dividend of 7.94 pence, up 5.0% from 7.56p.
Basic earnings per share swung to 16.2p from loss per share of 103.8p.
As at June 30, net tangible assets per share was GBP3.81, up 2.7% from GBP3.70 at June 30, 2024 and was also at GBP3.70 at December 31.
"Demand for our space has never been stronger, reflected in high occupancy, growing footfall and sales, and another period of record leasing," Hammerson's Gagne said.
Looking ahead, Hammerson raised its guidance for 2025, both from better-than-expected like-for-like growth and the acquisition of Bullring & Grand Central.
Annual earnings guidance is revised up to GBP102 million from GBP95 million estimated previously.
Shares in Hammerson were up 1.0% to 297.40p in London on Thursday. They were up 2.6% at ZAR72.00 in Johannesburg.
By Artwell Dlamini, Alliance News senior reporter South Africa
Comments and questions to [email protected]
Copyright 2025 Alliance News Ltd. All Rights Reserved.
Related Shares:
Hammerson