The group’s once-a-year figures to the close of December manufactured the biggest drop in net rental cash flow and British isles asset values in the group’s heritage.

The retail group, which owns centres such as the Bullring in Birmingham and Cabot Circus in Bristol, exposed net tangible property fell to 82p per share in 2020, from £1.sixteen in 2019.

Once-a-year losses a lot more than doubled at the agency as the worth of its homes dropped and rental cash flow plunged all through the wellbeing crisis. The group claimed an IFRS reduction of £1.7bn for 2020, when compared with a £781m reduction in the preceding yr.

Web rental cash flow plunged 49% to £157.6m owing to the restructuring of tenant discounts and a increased provision for lousy debts. The worth of Hammerson’s portfolio fell to £6.34bn from £8.3bn.

Rita-Rose Gagné, chief executive of Hammerson, explained: “By any evaluate, 2020 was an unparalleled yr with every single business and home influenced by Covid-19. Our teams have worked tirelessly and demonstrated amazing motivation during the pandemic to be certain that we go on to retain our colleagues, shoppers and communities safe and sound.

“However, if this pandemic has highlighted anything, it is how a great deal we all crave human call as inherently social beings. As a business, Hammerson offers the places and social infrastructure wherever people want and want to be, and I am confident it will have a very important part in shaping neighbourhoods and communities in the foreseeable future.”

Gagné also pointed to additional disposals to “strengthen the balance sheet”.

She added: “We are presently doing the job on a comprehensive strategic and organisational critique that will map out a route to foreseeable future growth to renovate the business in the context of what will continue being a tricky financial and structural backdrop.”

The FTSE 250 group proposed a .2p remaining dividend, bringing the comprehensive-yr dividend to .4p, when compared with five.1p in 2019.

Colm Lauder, an analyst at Goodbody, explained: ”Hammerson’s 2020 outcomes had been constantly heading to make hard reading specified the unparalleled problems confronted by Covid-19 lockdowns on best of an presently examined retail sector.

“Despite this, NAV and EPS had been marginally in advance and personal debt levels stabilised yr-on-yr. New management and the acknowledgment that the worst is above present a sizeable opportunity to reshape the business in 2021.”