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Hammerson’s Vacancy Rate Little Changed on Paris Lease Expiry

By Simon Packard

Nov. 3 (Bloomberg) -- Hammerson Plc, the part-owner of London’s Brent Cross shopping center, said its vacancy rate was little changed after the expiration of a Paris lease offset an increase in tenants at new developments.

About 7.6 percent of the space currently available in Hammerson’s retail and office properties was vacant as of Sept. 30, compared with 7.4 percent at the end of June, the London- based company said today in a statement. New tenants in developments in Aberdeen, Scotland, and the City of London financial district include Toronto Dominion Bank, New Look and Apple Inc.

Hammerson’s vacancy rate increased in the first half as it opened developments and the U.K. recession made tenants reluctant to lease space. The company said annual rental income generated by tenants in administration totaled 7 million pounds, ($11 million.) or 2.3 percent of the total.

Hammerson rose 17 percent in London trading in the three months through October, matching the 16-member FTSE 350 Real Estate Index and lifting the market value of the company to 2.86 billion pounds.

To contact the reporter on this story: Simon Packard in London at packard@bloomberg.net

Last Updated: November 3, 2009 02:33 EST

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