Hammerson, a prominent player in the shopping mall industry, has recently provided an update on its rent collections for the fourth quarter. The company shared that it has managed to collect 41% of the rent owed, with the UK accounting for 38%, Ireland 33%, and France 51%. While not yet at the halfway mark, this figure represents an improvement compared to the previous quarter across all regions where Hammerson operates.
As the manager of well-known shopping centers such as Bullring, Brent Cross, Bicester Village, Nicetoile, Italie Deux, Les Terrasses du Port, and Dundrum Town Centre, Hammerson is navigating the challenges brought on by the pandemic. Despite these hurdles, all of its flagship destinations are currently open for business, with the UK and Ireland seeing 94% of authorized tenants trading and France at over 99%.
Having reopened most of its shopping centers fully in June and July, Hammerson remains hopeful for the future. The company is upbeat about the prospect of improving rent collection rates in the upcoming quarters, anticipating that occupiers will fulfill their rent obligations for Q3 and Q4. While discussions regarding Q2 rent are still ongoing due to pandemic-related closures, Hammerson is confident in the resilience of its tenants.
In a strategic move, Hammerson has announced the sale of its stake in Via Outlets to APG, its joint venture partner, for €301m (£274m). The transaction, which has received clearance from competition authorities, is expected to conclude in the final quarter of this year. Additionally, Hammerson is gearing up for a new chapter with the appointment of Rita-Rose Gagné as its incoming CEO and board member on November 2.
With a focus on these strategic initiatives and positive rent collection trends, Hammerson is positioning itself for long-term success in the ever-evolving retail landscape.
To learn more about Hammerson and its recent updates, visit their official website here. For insights into the retail industry and trends, check out this informative article here.
