10th Nov 2014 07:11
LONDON (Alliance News) - Hammerson PLC Monday said conditions are improving in its UK retail estate, while conditions in its French market remain subdued, although stable.
In a statement, the commercial property company said UK shopping centre sales are up 2.6% so far in 2014, while French sales are down 2.8%. It reported that total rent from new group lettings are up 37%, and the total area of lettings is up 21%.
Long-term leases so far in 2014 have been struck at 9% above estimated rental value, it added.
"Our investment activity during the period demonstrates our ambition to accelerate future growth which will be further enhanced by our extensive development pipeline where we have continued to make good progress. Earlier in the year we saw signs of improvement in the UK retail market and since then we have experienced further growth in retailer sales, tenant demand and rental values in our winning retail locations," Chief Executive David Atkins said in a statement.
"In France, there is continued appetite from both consumers and retailers for outstanding retail destinations despite a more muted consumer backdrop. The outperformance of our Les Terrasses du Port development in Marseille since opening and the acquisition of a stake in the prime Nice Etoile shopping centre, underlines our commitment to vibrant retail locations in France," he added.
By Steve McGrath; [email protected]; @stevemcgrath1
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