Hammerson shares slip on footfall struggles but collections improve

(Alliance News) - Shares in Hammerson PLC fell on Wednesday morning after the property firm said ...

Alliance News 20 October, 2021 | 9:58AM
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(Alliance News) - Shares in Hammerson PLC fell on Wednesday morning after the property firm said footfall is struggling to reach 2019 levels.

Hammerson shares were down 4.5% to ZAR6.38 each in Johannesburg on Wednesday morning, and were 4.3% lower at 31.93 pence each in London.

The FTSE 250-listed real estate investment trust, which owns shopping centres and mixed-use developments across Europe, said overall footfall in all territories was still 15% to 20% below 2019 levels.

Rent collection rates improved, with 70% of group billable rent collected for the fourth quarter of 2020 so far. This is "significantly ahead of any quarter since the first quarter of 2020 at the same point in time", the firm noted.

In the third quarter, Hammerson said, the UK continues to be the strongest performer, with 74% of rent collected, Ireland stands at 71%, with France at 65%.

Financial 2020 collections now stand at 94% and financial 2021 year-to-date at 78%.

"We remain focused on collecting arrears. We do not anticipate granting future concessions and all avenues to collect rents due are being pursued," Hammerson said.

By Greg Roxburgh; gregroxburgh@alliancenews.com

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Hammerson PLC 30.46 -

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