Hammerson

Hammerson PLC is a major British property development and investment company. The firm switched to real estate investment trust (REIT) status when they were introduced in the United Kingdom in January 2007. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index; it is also a constituent of the FTSE EPRA/NAREIT Developed Europe index, among others. The majority of Hammerson's portfolio is in the United Kingdom, but it also operates in continental Europe, including operations in France, Ireland, Spain, and Germany. It invests mainly in offices and retail premises.

History

The business was founded by Lewis Hammerson, who began to invest in property in 1942, converting houses into apartments. His company L.W. Hammerson & Co moved into the commercial property sector in 1948 and became a listed company in 1953. It first expanded outside the UK in the 1960s, when it moved into Australia, New Zealand and the United States. In the 1970s it ventured onto the continent and back in the UK it developed the Brent Cross Shopping Centre, which was the first major covered shopping centre in the country. In the 1990s the operations outside Europe were sold and further properties were acquired in Europe. The year 2003 saw the opening of the new Bull Ring shopping centre in Birmingham, which was one of the largest city centre retail developments ever built in the UK.

In October 2012, Hammerson sold its office property at Gresham Street in London for £200 million to Retirement Fund (Incorporated), the Malaysian state pension fund.

In December 2017, Hammerson announced its intention to take over rival Intu in a £3.4 billion deal; however, later in April 2018, Hammerson announced that it was withdrawing its recommendation (to proceed with the takeover) citing concerns about the health of the UK retail market.

In March 2018, Hammerson rejected a £4.9 billion takeover offer from the French property development firm, Klépierre.

In July 2018, Hammerson announced to sell off £1.1bn of properties by 2019 as it exits the retail park sector and focuses on "flagship retail destinations".

Operations

The company's portfolio, including its investment in joint ventures and associates, was valued at £2.6 billion as at 31 December 2024. Hammerson have interests in several major retail developments, including:

*Dundrum Town Centre, Dublin, Ireland
* Ilac Centre, Dublin, Ireland
*Swords Pavilions, Dublin, Ireland
* Les 3 Fontaines, Cergy-Pontoise, France
* O'Parinor, Aulnay-sous-Bois, France
* Brent Cross Shopping Centre, London, UK
* Bull Ring, Birmingham, UK
* Cabot Circus, Bristol, UK
* Grand Central, Birmingham, UK
* The Oracle, Reading, UK
* Westquay, Southampton, UK

Hammerson, Henderson Group and Future Fund together form the Birmingham Alliance, who are responsible for the Bullring, Martineau Place and the up-coming Martineau Galleries development.CBRE to deliver development consultancy advice on Birmingham's £600m Martineau Galleries scheme
CBRE, 12 November 2007, Retrieved 24 March 2012

See also

* List of companies based in London

References

External links

Official site

Yahoo profileBirmingham Alliance site

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Real estate companies established in 1942
Real estate investment trusts of the United Kingdom
Companies based in the London Borough of Islington
Companies listed on the London Stock Exchange
1942 establishments in England
Companies in the FTSE 250 Index