Shopping centre owner hails demand
Shopping centre and retail park owner Hammerson hailed demand for space among retailers as it delivered a four per cent boost in full-year profits.
The group, whose portfolio includes the Wrekin and Forge Retail Parks in Telford, the Bullring in Birmingham, a 50 per cent stake in Grand Central in Birmingham, and a proposed new retail site in Oldbury, notched up profits of £726.8 million during 2015.
Those results helped it exceed market expectations, while a 1.1 per cent improvement in footfall defied the received wisdom that more shoppers are heading online.
Hammerson, which has a portfolio across Europe worth £8.4 billion, said a move by Next to double the size of its store on the Forge Retail Park had been among the key investments on its estate last year.
Chief executive David Atkins said: "A clear focus on our strategic priorities has delivered strong earnings growth of 13% and supports a five-year track-record of eight per cent compound growth per annum.
"We continue to recycle capital into assets best positioned to deliver value creation, with the acquisition in Ireland, Grand Central and Festival Park aligned with our strategy to own and manage prime retail destinations across Europe."
He added: "Looking ahead, whilst we recognise the global economic and political uncertainties, we remain confident that the business will continue to deliver sustainable, attractive returns."