Analyst Research Report Snapshot

Title:

HAMMERSON - STEADIER FY10 OUTLOOK

Price:

$10.00

Provider:

Edison Investment Research

Date:

24 Feb 2010

Pages:

2

Type:

AcrobatPDF

Companies referenced:

HMSO.L

Available for Immediate Download
Summary:

The results showed asset value recovery in line with UK commercial property generally. Perhaps more interesting is the grip that new management has taken on the portfolio as it seeks to identify where it can bring its skills and capital to bear in the next few years. Asset sales increased retail property weighting to 88%, but there is geographical balance via a 66:34 UK to France split. FY09 was erratic, with all the good news in H2, ie occupancy up by two percentage points to 95% and a 6% increase in property values, which pushed NAV up by 13% to 421p/share. The market backdrop is buoyed by investment demand, but bank attitudes to new lending may still constrain growth for the next few years.

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