Hammerson reports strong rebound as shoppers return to retail centers

Retail real estate company Hammerson said footfall at its flagship Irish properties improved to 90 percent of 2019 levels in the third quarter of the year.

The company jointly owns Dundrum Town Centre, half of Pavilions shopping center in Swords, the Ilac Center in Dublin city center and 40 per cent of Kildare Village with German insurer Allianz.

The commercial real estate group operates in seven countries, including a number of flagship retail centers.

While attendance is slightly below pre-pandemic levels, sales have now surpassed 2019 numbers.

In the third quarter of the year, sales in Ireland rose 2 percent from 2019 levels. Sales at Hammerson’s UK sites were 4 percent higher and also rose 3 percent in France from pre-pandemic levels.

Overall group utilization across all company locations is now 95 percent.

Hammerson also noted an improvement in overall rental income for the first half of the year, with 93 percent of rent for the third quarter of 2022 now paid.

Last October, Hammerson said 29 per cent of its Irish commercial tenants were in arrears on rent after periods of lockdown.

Hammerson now expects a full-year profit of no less than £100m. Last year the group reported adjusted profit of £81m, up 122 per cent compared to the first year of the pandemic.

The retail property company said gross rental income is up 11 percent year-to-date, with 221 leases signed so far in 2022.

These leases represent £17m of the main rent.

More than half of those leases went to non-fashion categories, including food and beverage, leisure and services.

Last month, Hammerson and Allianz announced they had started construction on their first Irish residential development. The new project, located at the Sandyford entrance to the Dundrum estate, will consist of 122 apartments.

https://www.independent.ie/business/irish/hammerson-reports-strong-recovery-as-shoppers-return-to-retail-centres-42126950.html Hammerson reports strong rebound as shoppers return to retail centers

Fry Electronics Team

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