UK property company Hammerson to bet this year on France, not Britain

By Graham Ruddick Published: 2:50PM GMT twenty-two February 2010

Hammerson

The selling centre and bureau developer, that owns stakes in Bristols Cabot Cirus and Birminghams Bullring selling centre, has a series of sites earmarked for projects in the UK, together with sell centre Sevenstone in Sheffield and a vital bureau intrigue in the City at Bishops Place.

However, Hammerson wants to secure poignant pre-lets on the developments prior to rising them and David Atkins, arch executive, pronounced talks with intensity occupiers had not suggested viable levels of direct definition he "wouldnt expect any of the vital developments starting this year".

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In contrast, Mr Atkins settled that direct from businesses in France, where 34pc of Hammersons resources are located, was "strong". The association is to begin work inside of weeks on Faubourg Saint-Honor in Paris, that will cost �30m, and after in the year will embark the growth of Les Terrasses du Port, a Marseille selling centre that will be one of the greatest in France and cost �400m to construct.

"This [France] is a vital piece of the blurb operation and we are committed to it," he combined on Monday as Hammerson denounced a squeezing of annual pre-tax waste in 2009.

The association reported a loss of �453m for last year, compared to �1.6bn in 2008, as blurb skill values rebounded in the second half after dual years of declines.

Hammersons portfolio is valued at �5.1bn after a 6pc benefit in the last 6 months of 2009 driven by a 11pc enlarge in the UK definition the annual decrease was singular to 8.9pc.

The skill developer, that lifted �584m by a defensive rights issue last year, will compensate a second halt division of 8.5p on Apr 1, creation a sum division of 15.45p, down on the 18.9p of 2008.