Hammerson warns of tougher markets
04/09/2007 - 13:16:20UK property group Hammerson today painted a gloomy picture for retail and office markets following higher interest rates and tighter credit conditions.
The group, which owns the Bullring shopping centre in Birmingham and Ravenhead Retail Park in St Helens, said higher interest rates and falls in disposable incomes had led to “challenging” conditions for retailers.
It also warned that demand for office space, particularly in central London, could be hit by the recent weakness in financial markets.
Hammerson, which converted to a tax-efficient real estate investment trust in January, added that investment activity in UK commercial property had slowed during April, May and June.
