Hammerson's French connection lifts results.
Investors Chronicle - magazine and web content, February, 2008
Positive NAV growth maintained by exposure to French property assets. Claer Barrett
Hammerson reported a solid performance, despite falling property values across the UK. The modest NAV hike beat analysts' estimates and, adjust for 2006's chunky revaluation gain, and operating profits rose 16 per cent to GBP234.5m.
Performance was bolstered by a 16.5 per cent return on Hammerson's French book, which now accounts for 30 per cent of its portfolio, plus a 16 per cent rise in group net rental income. And while the City of London office book saw the biggest valuation fall, news of the first letting at Hammerson's redevelopment of the London Stock Exchange was greeted warmly in the City. The GBP136m sale of a separate City investment property was also...
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