MORNING NEWS: Hammerson losses more than halved

Good morning. Here’s your daily round-up of the latest news and views from EG and a collection of industry-relevant headlines from the nationals. Hammerson has reduced its losses by almost 70% from £164m in 2022 to “just” £51m in the year ended 31 December 2023. The improvement in its finances follows a programme of cuts across the business and its portfolio and lower revaluation losses.  Net debt reduced by £406m, or 23%, to £1.3bn, benefiting from disposal proceeds of £216m, the derecognition of £125m of secured debt, £104m of cash generated from operations and £74m of distributions from value retail.  Chief executive Rita-Rose Gagné said: “Over the last three years, we have delivered against all strategic milestones. We now have a core portfolio focused on urban locations which are evolving into my vision: vibrant, 24/7 multi-use estates. These destinations are fast-growing and part of the fabric and infrastructure of the cities in which we operate.” She added: “While our eyes are open to the current macroeconomic environment, our occupiers are thriving and our visitor numbers are on the rise in our realigned portfolio. We are reaping the rewards of the investments we are making in our core portfolio alongside best-in-class occupiers, which underpins the high levels of demand for our space. We expect this trajectory to continue in the year ahead.  We have a strong pipeline of leasing and repurposing opportunities.  “There is still more for us to do, but we are now entering a time where having the capability to invest and operate with discipline and conviction will be rewarded.” Shaftesbury Capital boss Ian Hawkworth was also feeling rewarded as the merged business of Shaftesbury and Capital & Counties delivered its maiden results. A return to the black has the group now eyeing opportunities. “It has been an excellent start for Shaftesbury Capital, with positive metrics delivered across the business,” said Hawksworth. “We set clear priorities and are pleased with the pace and performance over the first year with significant rental income growth and cost savings driving financial performance.” And the big news of the day? Today marks the day agents up and down the country have been waiting for. The announcement of which firm has topped the annual EG leaderboards. The rankings are based on deals data contributed to EG Radius and have been meticulously checked by our expert team of researchers. CBRE is crowned most active for 2023, transacting more than 3.8m sq ft more than closest rival JLL. Cushman & Wakefield, Knight Frank and Savills completed the top five. CBRE also put in a strong showing in the sector leaderboards, topping the office and industrial tables. Savills led the retail rankings and Christie & Co held onto top spot in hotels & leisure. And as if that wasn’t enough exciting news from the team at EG, today also marks the launch of an exciting new project with the team at HqO. Together we are on the hunt for the UK’s best places to work and utilising HqO’s unique Real Estate Experience Platform, plus EG’s own criteria, we will develop the EG Power Properties List. The list will highlight the spaces leading the way in people-centric real estate experiences.  As the flight to quality continues to build and investors, occupiers and employees demand more and more from commercial real estate, understanding the power of experience has never been more important. For companies looking to lead the way and win in the race to the top, securing a spot on the EG Power Properties List, powered by HqO, is an invaluable place to start. Companies wanting to make it on to the Power Properties list have until 17 May to register for the Best Spaces to Work certification. Property news in the national newspapers this morning was largely based around SEGRO’s raising of a further £100m – taking its total to £900m – to splash on acquisition opportunities, and full-year results from Derwent London, which saw the developer up its targets on rental growth and tentatively call the bottom of the market. But you will have read all of those stories (and more) on EG yesterday.   All of the news from EG, plus a selection of headlines from the nationals: Hammerson slashes lossesShaftesbury Capital cheers ‘pace and performance’ CBRE tops 2023 annual agency leaderboardsEDITOR’S COMMENT: Who are real estate’s true architects?TR Property offloads mixed-use Bayswater blockEG launches search for UK’s best workspacesKnight Property buys Bellshill site for spec shedGreystar lined up for Bermondsey approvalCustodian slims portfolio with £30m of disposalsSale-and-leasebacks to spur supermarket demandMartin’s looks to splash £30mCOMMENT: Why the future of high streets lies in the pastOlympian gets set for Bristol’s tallest towerUK landlords hunt for deals in real estate slump (£) Central bank highlights commercial property crash as key risk for financial sectorBusiness leaders fear litigation over ESG targets (£) “We’re all busy again,” say UK restructuring experts (£)Staveley in court to prevent shipping tycoon pushing her into bankruptcy (£) Adsa backer snaps up stake un UK pet shop (£) How the Barclay family is losing grip on its shopping empire (£) Country Garden faces liquidation petitionUK property sales forecast to rise by 10% Cate Blanchett at war with neighbours over “Hollywood-on-Sea” cottage (£)