Hammerson reports strong demand for retail property

Shopping centre operator Hammerson saw a 2.1% rise in like-for-like net rental income in 2013 as it experienced strong demand for high-quality retail property.

The group, which owns the Brent Cross Shopping Centre in London and the Bullring in Birmingham, said occupancy increased to 97.7% to exceed its benchmark of 97%. The amount of new space let to retailers rose by almost 25% on the previous year.

David Atkins, chief executive of Hammerson, said: “We have reported a good set of results in a year when we saw the beginning of economic and consumer recovery in the UK.”

Hammerson, which also operates in France, is planning to open a major new shopping centre in Marseille later this year. Atkins said the economic picture in France was less “clear cut” than in the UK but added: “Personal debt levels remain low, providing the opportunity for a rebound in consumer spending when growth returns.”