Hammerson sees 7% jump in rental income
British shopping centre owner Hammerson generated net rental income of £34.8m (€39.4m) from its Irish properties last year, representing a 7.4% increase on the previous 12 months.
The increase was mainly driven by Dundrum Town Centre, which the company owns along with Allianz, where additional income arose from the settlement of rent reviews and new lettings, as well as increased car park space.
On a group-wide basis, Hammerson yesterday reported a 7% increase in total net rental income to £370.4m for 2017, with adjusted profit rising by 6.8% to £246.3m.
As well as Dundrum, Hammerson’s Irish portfolio includes Dublin’s Ilac Centre, the Pavilions in Swords, and half of Kildare Village.
It is in talks with stakeholders about its intentions for its Dublin Central site — which lies between O’Connell St and Moore St — after the Court of Appeal’s recent overturning of a decision to designate much of the area as a 1916 memorial site.
Occupancy rates at Hammerson’s Irish assets stood at 99.7% as of the end of 2017.
In December, the company said it was looking for further investment opportunities in Ireland, citing Dublin in particular as having significant development potential.
“Dublin’s urban population of 1.3m and significant tourism industry underpin demand for retail space in the city which accounts for over 70% of Ireland’s total retail expenditure and 50% of national GDP,” said the company.
