Hammerson posts biggest fall in income and asset value in its history | Online

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

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