Victoria Gate scheme boosts Hammerson

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SHOPPING centre landlord Hammerson posted an 11.3 per cent rise in full-year net asset value, as a positive shift in consumer sentiment encouraged retailers to expand their operations and drove up rents.

In a statement to accompany its full year results, for the year ended December 31 2014, Hammerson revealed that it had started work on its Victoria Gate scheme in Leeds and WestQuay Watermark in Southampton, with pre-lettings of 40 per cent and 58 per cent respectively

Hammerson, whose other shopping centres include the Bullring in Birmingham and Italie Deux in Paris, said its EPRA net asset value per share rose to £6.38 in the year to December end, up from £5.73 a year earlier.

Net asset value is a key metric for developers as it reflects the value of their buildings. EPRA NAVs are calculated as per European Public Real Estate Association (EPRA) guidelines.

David Atkins, the company’s chief executive, said: “We have delivered strong results on the back of a significant uplift in asset valuation and continuing income growth.”