Hammerson bows to activist investor pressure on several fronts as it moves to arrest a decline in its market value. Hammerson, the owner of shopping centres including Birmingham’s Bullring and Brent Cross in London, is to offload more sites despite the tough commercial property market.
The FTSE 250 company used the publication of its annual results to say it was creating a committee to bolster the disposal of non-core properties – aiming to raise more than £500m this year after sales worth £570m in 2018. Hammerson has been under intense pressure from shareholders to grow value following a dramatic fall in its share price – down over 20% in the last 12 months alone.
The company said it was “in active discussions on transactions with a total value of over £900m” but did not elaborate on the sites in question.
