Hammerson has started 2025 with £8.6m in headline income already secured, at a 10% increase over previous passing rent and 11% above ERV.
In its 2024 results, the shopping centre owner said has grown its occupancy to over 95%, with several assets close to full.
Hammerson signed 262 leases covering 1m sq ft of space in 2024, generating £41m in annual headline rent, marking a record performance with a 2% like-for-like increase.
These deals were secured at 56% above previous passing rent and 13% ahead of ERV on a net effective basis at Hammerson’s share.
Hammerson saw a 15% quarter-on-quarter increase in footfall during Q4. Black Friday, Christmas Eve and New Year’s Eve saw year-on-year footfall growth of 10-12% across flagship assets.
Sales performance also remained strong, with over £3bn in consumer spending across Hammerson’s centres in 2024. In the UK, sales increased by 5%, excluding assets undergoing repositioning.
Over the past four years, Hammerson has strategically reshaped its portfolio, focusing on flagship assets. This strategy has generated £1.5bn in disposal proceeds, including the sale of Value Retail in September last year.
The group acquired the remaining 50% stake in Westquay for £135m last year, using part of the £350m generated from the Value Retail sale.
Adjusted earnings for 2024 were £99m, down from £116m in 2023, reflecting the impact of disposals.
As of 31 December 2024, the group’s net debt was reduced by 40% to £799m, marking a 64% reduction since 2020.
Hammerson’s net assets were worth £1.8bn as of 31 December 2024.
Chief executive Rita-Rose Gagné said: “Following a transformative and successful year for Hammerson, we enter 2025 as a repositioned business. In landing the pivotal sale of Value Retail and completing our non-core disposals, we have generated £1.5bn of cash proceeds over the last four years, materially strengthening our capital structure, and enabling investment for growth in our high-quality portfolio.
“We have strategically realigned the business to benefit from structural market trends. We are confident in our strategy and optimistic about the opportunity ahead for Hammerson. We continue to maintain a tight operational grip and are poised to deliver significant revenue and underlying earnings growth, with the full impact of our ongoing investments and acquisitions yet to be realised.”
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