Hammerson reports £1.7bn loss amid record fall in rents and £2bn plunge in commercial property values
Hammerson, owner of the Bullring and Brent Cross shopping centres, has warned it will need to sell more of its property empire to survive the coronavirus crisis, after reporting a record £1.7bn loss for 2020.
The property group, which also owns the Bicester Village designer outlet, said the closure of non-essential shops during lockdowns and the suspension of rent payments for struggling retailers in 2020 fuelled the biggest annual fall in rental income in company history. Annual losses more than doubled from £781m in 2019 to £1.7bn last year.
