Tue, 28 Feb 2012 | COMMERCIAL PROPERTY
Property development firm Hammerson has announced that it plans to sell off its whole portfolio of office investments.
The news was announced as Hammerson published its 2011 results, which saw a 2.5 per cent growth in like-for-like net rental income. Occupancy rates also rose to 97.9 per cent, up from 97.3 per cent at the end of 2010.
The company has said it will sell its current office investments, which are said to be worth more than £500 million, over the “medium term” and will now concentrate its focus on retail.
Hammerson owns several major London properties, including 99 Bishopsgate,125 Old Broad Street and 1 Leadenhall Court.
David Atkins, chief executive of Hammerson, said, "Following the review of our strategy we will focus on being the best owner-manager and developer of retail property within Europe. Hammerson has created a retail business delivering outperformance from prime assets in winning locations."
He added, "We now intend to sell our standing office investments over the medium term to maximise returns, redeploying capital into the retail sector to exploit our expertise and build on our existing scale. This will create efficiencies that lead to further cost savings and income growth from our portfolio."
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