Hammerson Asset Value Rises in 2013 After Adding U.K. PropertiesDalia Fahmy
Hammerson Plc, Britain’s third-largest real estate company by market capitalization, said the value of its properties climbed last year as it added assets in the U.K. and France.
Adjusted net asset value rose 5.7 percent to 573 pence ($9.62) on Dec. 31 from 542 pence a year earlier, the London-based company said in a statement today. Adjusted earnings per share gained 10.5 percent to 23.1 pence.
“The economic environment has become more benign, with a corresponding increase in investor demand for real estate,” Hammerson said in the statement. However, a possible return of instability in countries using the euro could affect real estate values, it said.
Hammerson, a shopping mall developer and manager, is spending more on its leisure properties and luxury-outlet malls as it seeks to increase shareholder returns. The company is developing a cinema, catering and bingo stores in Glasgow and is bringing more restaurants into other malls.
Its 61,000 square meter (657,000 square feet) Les Terrasses du Port mall in Marseille is set to open in May, the company said today.
Full-year net income rose to 337.4 million pounds from 138.4 million pounds a year earlier.