23rd Apr 2014 08:50
LONDON (Alliance News) - Retail property developer Hammerson PLC Wednesday said occupancy levels across its portfolio remains high at 96.6%, as economic recovery particularly in the UK generated confidence in its consumer markets.
In an interim management for the period January 1 to date, the firm, which owns shopping malls in the UK and France, said it is on track to launch a retail and leisure scheme in Marseille, France on May 24. The development, called Les Terrasses du Port, is part of a major regeneration of the port area of Marseille.
Hammerson said tenant demand for space at its new Marseille shopping site has been strong and as a result it is now 96% let. The scheme will bring around 30 new retailers to Marseille including high-end fashion retailers Ted Baker and Michael Kors.
In the UK, the firm received planning permission for major retail developments in Croydon, south London, and in Brent Cross in north London.
Hammerson is planning a GBP1 billion redevelopment of Croydon's ageing Whitgift Centre in partnership with Australian shopping centre giant Westfield Group.
Overall, the firm said during the period it signed a total of 80 new leases across its portfolio, representing over GBP5 million per year. Leases were struck 8% above estimated rental value (ERV) in the UK and 1% above in France.
Net debt was GBP2.3 billion at the end of March, unchanged from December 31.
The stock was trading at 581.00 pence Wednesday morning, up 7.00 pence or 1.2%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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