Hammerson is likely to make a decision in May on whether to proceed with the £215m Oracle development in central Reading, Berkshire. The company expects the go-ahead for its £375m Bull Ring in Birmingham by midsummer, but the company is still waiting for consent for the Oracle.
Meanwhile Hammerson is still looking for joint venture partners for both developments. But only if it retains management responsibility for construction.
It announced pre-tax profits up 21% to £70m. When exceptionals are stripped out, profits fell 5.8% to £60.6m. Lower rents led to a 3.4% fall in rental income mainly from Canadian properties. French and German rental income remained flat. Conditions in the UK continued to improve. The value of the retail portfolio here rose 5.2%.
- Financial Times 18/03/97 page 28
- The Times 18/03/97 page 30, page 32 (Tempus)
- The Independent 18/03/97 page 21, page 22 (The Investment Column)
