The ever-increasing pressure on traditional retailers has hit the value of Hammerson’s portfolio of British shopping centres and sent the property company tumbling into the red.
The owner of sites such as the Bullring in Birmingham and Brent Cross in north London yesterday reported a statutory pre-tax, first-half loss of £319.8 million, compared with a profit of £55.7 million a year earlier. The loss was down to a £423 million fall in the book value of its property.
