Hammerson has announced a series of transactions to recapitalise the business and to reduce leverage by a quarter. “The company notes that this process will help us deal with the unprecedented conditions while enabling us to position Hammerson further” comments Chief Executive, David Atkins.
Looking forward, Hammerson will continue to dispose of assets and to recycle capital from across its portfolio as the company creates a business focused on flagship destinations and mixed-use City Quarters over the medium term.
“The extraordinary disruption caused by Covid-19 on the retail property sector, the economy and society as a whole is reflected in these half year results, however, in recent weeks we have seen an encouraging increase in footfall as confidence begins to return amongst visitors to our flagship destinations” comments Atkins.
“The pandemic has exacerbated structural shifts in retail, exerting further pressure on both property owners and brands, and provided further evidence that the UK’s historic leasing model has served its time. It is outdated, inflexible and needs to change. We are introducing a new UK leasing approach – one that is simpler, reflects an omnichannel retail environment and rewards positive performance on both sides. It will deliver a sustainable, growing income stream and we are in initial discussions with retailers and anticipate introducing the first of the new leases later this year.”