Property developer Hammerson says it is well positioned for growth, with high occupancy, footfall above national benchmarks, stronger sales densities and improving affordability supporting future income and value creation.
The group, which owns retail properties in France and the UK, reported a 23% increase in total net rental income to £180m, alongside a 33% rise in portfolio value to £3.5bn (R75bn), it said in its results for the year to end-December.
“We will maintain our focus on active asset management and targeted leasing, giving us clear visibility of income streams and growth in rental income, earnings and dividends in the 2026 financial year and beyond,” Hammerson said.
The group declared a final dividend of 8.56p, up 6%, taking the full-year dividend to 16.5p, while European Public Real Estate Association (EPRA) earnings rose 5% to £104m, with EPS up 4% to 20.7p.
Since November 2024, it has invested £757m in major shopping centres, including Westquay, Brent Cross, Bullring, Grand Central and The Oracle, at an average yield of 7.6%, it said.
On the portfolio front, the group said occupancy rose one percentage point to 96%, with six of its 10 flagship destinations at 98% or higher. The portfolio remained reversionary across all regions.
I’m excited to be leading Hammerson as we embark on our next phase of growth. These strong results are a testament to the quality of our unique portfolio, our integrated pure-play platform and the hard work of our teams.
— Rob Wilkinson, Hammerson CEO
Like-for-like net rental income increased 3%, with key repositionings and lease-ups at Cabot Circus and The Oracle largely complete, building on prior successes at Bullring and Dundrum.
The 122-unit Ironworks residential scheme at Dundrum was completed in October and is now leasing. Cergy 3, a redeveloped retail centre fully pre-let to Primark and Nike, is scheduled to open in the first half of 2027.
The group’s loan-to-value (LTV) ratio remained at 39%.
It expects its total net rental income to grow about 20% for the 2026 financial year, with EPRA earnings up about 15% and EPRA EPS rising about 10%.
“I’m excited to be leading Hammerson as we embark on our next phase of growth. These strong results are a testament to the quality of our unique portfolio, our integrated pure-play platform and the hard work of our teams,” said Hammerson CEO Rob Wilkinson.
“The success of best-in-class, retail-led city destinations is evident in our record leasing at positive spreads, very high occupancy, and growing footfall and sales, leading to rental growth.”
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