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Hammerson (HMSO) Ordinary 25p Shares

Sell:74.64p Buy:74.80p 0 Change: 2.92p (3.75%)
FTSE 250:1.15%
Market closed Prices as at close on 10 July 2020 Prices delayed by at least 15 minutes | Switch to live prices |
Change: 2.92p (3.75%)
Market closed Prices as at close on 10 July 2020 Prices delayed by at least 15 minutes | Switch to live prices |
Change: 2.92p (3.75%)
Market closed Prices as at close on 10 July 2020 Prices delayed by at least 15 minutes | Switch to live prices |
The selling price currently displayed is higher than the buying price. This can occur temporarily for a variety of reasons; shortly before the market opens, after the market closes or because of extraordinary price volatility during the trading day.

HL comment (10 November 2014)

Interim management statement: London headquartered Real Estate Investment Trust, Hammerson stated that while conditions are improving in UK retail estate, its French market remain subdued, although stable. The group saw UK shopping centre sales up 2.6% year-to-date, while French sales were down 2.8%. It also reported that total rent from new group lettings were up 37%, and the total area of lettings, up 21%. Long-term leases so far in 2014 have been struck at 9% above estimated rental value (ERV), it added. David Atkins, Hammerson Chief Executive, said: "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. 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." On balance, market consensus opinion denotes a buy.

Read more share research from Hargreaves Lansdown

Financial Highlights:
  • Hammerson said UK shopping centre sales were up 2.6% for the year to date with France down 2.8%.
  • New group lettings rose 37% in the year, while the total area of lettings rose 21%.
  • Long term group leases year to date were struck at 9% above ERV.

Negative Points:
  • Speculation regarding an increase in UK interest rates during early 2015 currently persists.
  • The group has exposure to the French economy, where economic indicators have been somewhat mixed in recent months.
  • British retailers still face challenging conditions as government austerity measures, rising prices and stagnant wage growth force shoppers to assess spending.
  • Hammerson previously announced that it had completed the sale of its office properties, a move that reduces the group's diversity.

Positive Points:
  • Hammerson reported total rent from new group lettings was up 37%, and the total area of lettings, up 21%.
  • Overall occupancy in the group's portfolio was 96.7% as at 30 September 2014.
  • In October, Hammerson took over the management of Cabot Circus in Bristol (where ownership remains 50%) including property and asset management, leasing and marketing, following the purchase of a 50% stake by AXA Real Estate.
  • The group offers a degree of geographical diversity. 
  • The company has previously been subject to speculative takeover rumour. 
  • A progressive dividend policy continues to be pursued.

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This article is not advice or a recommendation to buy, sell or hold any investment. No view is given on the present or future value or price of any investment, and investors should form their own view on any proposed investment. This article has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is considered a marketing communication. Non-independent research is not subject to FCA rules prohibiting dealing ahead of research, however HL has put controls in place (including dealing restrictions, physical and information barriers) to manage potential conflicts of interest presented by such dealing. Please see our full non-independent research disclosure for more information.

Data policy - All information should be used for indicative purposes only. You should independently check data before making any investment decision. HL cannot guarantee that the data is accurate or complete, and accepts no responsibility for how it may be used.

The London Stock Exchange does not disclose whether a trade is a buy or a sell so this data is estimated based on the trade price received and the LSE-quoted mid-price at the point the trade is placed. It should only be considered an indication and not a recommendation.

Trades priced above the mid-price at the time the trade is placed are labelled as a buy; those priced below the mid-price are sells; and those priced close to the mid-price or declared late are labelled 'N/A'.