The sale is part of a strategy by chief executive David Atkins to build Hammerson around regional shopping centres, retail parks and upmarket designer outlets, which are growing sectors of the retail market.
Mr Atkins said: “We have created a focused retail business by accelerating our plans to sell the London office assets through a single transformational deal.”
The company owns prime retail assets including Cabot Circus in Bristol, the Bullring in Birmingham, and Union Square in Aberdeen. It also owns a 22pc stake in designer outlet group Value Retail and a share of its key sites such as Bicester Village.
Mr Atkins said Hammerson is “interested in increasing our ownership in Value Retail” and has pre-emption rights if other shareholders look to sell their stakes. The value of Hammerson’s investment in Value Retail is already more than £400m.
However, despite Hammerson’s growth plans, pre-tax profits fell from £192.8m to £48.8m in the six months to June 30, because the valuation of Hammerson’s portfolio fell by £22m compared to a rise of £121.1m in the first six months of 2011.
The decline in capital values included a 0.5pc fall in Hammerson’s UK retail properties, while its London properties earmarked for sale rose by 2.3pc. However, the value of the company’s property in France rose 1.2pc.
Costco Wholesale Corporation Announces Quarterly Cash Dividend - Market Wire
ISSAQUAH, WA--(Marketwire - Jul 23, 2012) - Costco Wholesale Corporation ("Costco" or the "Company") (
Costco currently operates 605 warehouses, including 438 in the United States and Puerto Rico, 82 in Canada, 32 in Mexico, 22 in the United Kingdom, 13 in Japan, eight in Taiwan, seven in Korea and three in Australia. The Company also operates Costco Online, an electronic commerce web site, at www.costco.com and at www.costco.ca in Canada. The Company plans to open up to an additional three new warehouses prior to the end of its fiscal year on September 2, 2012.
Certain statements contained in this document constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. For these purposes, forward-looking statements are statements that address activities, events, conditions or developments that the Company expects or anticipates may occur in the future. Such forward-looking statements involve risks and uncertainties that may cause actual events, results or performance to differ materially from those indicated by such statements. These risks and uncertainties include, but are not limited to, domestic and international economic conditions, including exchange rates, the effects of competition and regulation, uncertainties in the financial markets, consumer and small business spending patterns and debt levels, conditions affecting the acquisition, development, ownership or use of real estate, actions of vendors, rising costs associated with employees (including health care costs), energy, and certain commodities, geopolitical conditions and other risks identified from time to time in the Company's public statements and reports filed with the Securities and Exchange Commission.
Wholesale Lucky offers Stylish and Elegant Range of Wholesale Dresses - Mynews India
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Unibail malls prosper despite euro zone turmoil - The Guardian
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