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Hammerson full-year profits surge to £703m

Property group Hammerson, whose shopping centres include Brent Cross in London and the Bullring in Birmingham, has posted a 2.1% increase in like-for-like net rental income to £305.6m in its full-year results for the 12 months to December 31, 2014.

The results also show a surge in pre-tax profit to £703.1m, up from £341.2m in 2013, with new rents worth £29.5m secured across more than 1.9m sq ft of retail space.

Retail sales in UK shopping centres climbed 2.6%, following on from a drop of 0.4% for the year to December 2013.

During the period, the firm began construction on the Victoria Gate, Leeds, and WestQuay Watermark, Southampton developments. It also disposed of Queensgate and 10 Grosvenor Street, earning it £153m.

Hammerson chief executive David Atkins said: “We have delivered strong results on the back of a significant uplift in asset valuation and continuing income growth. The recovery in UK consumer sentiment has continued to strengthen, driving increased demand from retailers for prime space, which is now translating across the whole portfolio.”

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