Hammerson sees close to £1.6bn wiped off estate value as pandemic hurts retail property sector

Last year the value of its ‘flagship’ UK shopping centres dropped 35.8% and UK retail parks fell 23.3%.

The value of the total estate, which also includes properties in Ireland and France, fell to £6.3 billion, down by around £1.6 billion.

The write down was largely as a result of Covid-19 disruption, and after around £328 million of disposals.

Hammerson has recently secured £73 million from the sale of a retail park near its Brent Cross centre and minority stakes in two French shopping centres.

“Non essential” retailers are set to reopen at Hammerson’s sites in England from next month.

Hammerson’s Gagné said she is “optimistic in terms of footfall return”.

Gagné, who joined the business last year from global real estate company Ivanhoé Cambridge, said: “As a business, Hammerson provides the places and social infrastructure where people want and need to be, and I am confident it will have a vital role in shaping neighbourhoods and communities in the future.”

The boss added: “We are currently working on a thorough strategic and organisational review that will map out a route to future growth to transform the business in the context of what will remain a tough economic and structural backdrop."