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Hammerson

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Hammerson plc
Company typePublic limited company
IndustryProperty
Founded1942
FounderLewis Hammerson
HeadquartersLondon, England
Key people
Robert Noel (Chairman)
Rita-Rose Gagné (CEO)
ProductsInvestment, Property management
RevenueDecrease £131.4 million (2022)[1]
Increase £(101.0) million (2022)[1]
Increase £(164.2) million (2022)[1]
Websitewww.hammerson.com

Hammerson plc is a major British property development and investment company. The firm switched to real estate investment trust (REIT) status when they were introduced in the United Kingdom in January 2007. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index; it is also a constituent of the FTSE EPRA/NAREIT Developed Europe index, among others. The majority of Hammerson's portfolio is in the United Kingdom, but is also operates in continental Europe, including operations in France, Ireland, Spain, and Germany. It invests mainly in offices and retail premises.

History

The business was founded by Lewis Hammerson, who began to invest in property in 1942, converting houses into apartments.[2] His company L.W. Hammerson & Co moved into the commercial property sector in 1948 and became a listed company in 1953.[2] It first expanded outside the UK in the 1960s, when it moved into Australia, New Zealand and the United States. In the 1970s it ventured onto the continent and back in the UK it developed the Brent Cross Shopping Centre, which was the first major covered shopping centre in the country.[3] In the 1990s the operations outside Europe were sold and further properties were acquired in Europe. The year 2003 saw the opening of the new Bull Ring shopping centre in Birmingham, which was one of the largest city centre retail developments ever built in the UK.[4]

In October 2012, Hammerson sold its office property at Gresham Street in London for £200 million to Retirement Fund (Incorporated), the Malaysian state pension fund.[5]

In December 2017, Hammerson announced its intention to take over rival Intu in a £3.4 billion deal;[6] however, later in April 2018, Hammerson announced that it was withdrawing its recommendation (to proceed with the takeover) citing concerns about the health of the UK retail market.[7]

In March 2018, Hammerson rejected a £4.9 billion takeover offer from the French property development firm, Klépierre.[8]

In July 2018, Hammerson announced to sell off £1.1bn of properties by 2019 as it exits the retail park sector and focuses on "flagship retail destinations".[9]

Operations

Brent Cross Shopping Centre in London

The company's portfolio, including its investment in joint ventures and associates, was valued at £4.2 billion as at 31 December 2022.[1] Hammerson have interests in several major retail developments, including:[10]

Hammerson, Henderson Group and Future Fund together form the Birmingham Alliance, who are responsible for the Bullring,[4] Martineau Place and the up-coming Martineau Galleries development.[11]

See also

References

  1. ^ a b c d "Annual Results 2022" (PDF). Hammerson. Retrieved 9 March 2023.
  2. ^ a b "Hammerson History". Hammerson.com. Retrieved 18 April 2011.
  3. ^ "Standard Life Investments Property". Property.standardlifeinvestments.com. Archived from the original on 11 January 2008. Retrieved 18 April 2011.
  4. ^ a b "Building the Bullring Birmingham". Findarticles.com. Retrieved 18 April 2011.
  5. ^ Stock Market Wire (1 October 2012). "Hammerson sells office property in City". Stock Market Wire.
  6. ^ "Shopping centres sold in £3.4bn deal". 6 December 2017. Retrieved 6 December 2017.
  7. ^ "Bullring owner Hammerson pulls back from Intu takeover". BBC News. 18 April 2018. Retrieved 18 April 2018.
  8. ^ "UK Retail Developer Hammerson Rejects £4.9 Billion Takeover Deal Offer by Klepierre". commercialpeople.com. 20 March 2018. Retrieved 12 April 2018.
  9. ^ Monaghan, Angela (24 July 2018). "Bullring owner Hammerson to sell off £1.1bn of properties". The Guardian. Retrieved 31 July 2018.
  10. ^ "Top 10 Properties". Hammerson. Retrieved 4 August 2009.
  11. ^ CBRE to deliver development consultancy advice on Birmingham's £600m Martineau Galleries scheme CBRE, 12 November 2007, Retrieved 24 March 2012
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