Hammerson

Hammerson is a Real Estate Investment Trust that specialises in property development in Europe. It operates principally in the UK and France and invests in and develops:

• Shopping centres
• Retail parks
• Prime offices

The company switched to become a Real Estate Investment Trust in January 2007. This was a result of legislation that was passed in the UK under the Finance Act 2006. REITS have to distribute 90% of their income as they have a tax designation that significantly reduces corporate income taxes.

Hammerson is traded on the London Stock Exchange and is also listed on Euronext stock exchange in Paris.

Hammerson's History

The company was founded by Lewis Hammerson in 1942 after he began to invest in real estate. He started to convert houses into apartments and by 1948 he had expanded into investing in commercial property. After Lewis Hammerson died the focus of the group, then called Hammerson Property and Investment Trust, shifted to office and shopping centre development.

The group in the following years expanded to Australia, New Zealand, Canada and the US. In the 1970's they developed into Amsterdam, Brussels and Paris with a Dutch partner. By 1994 the name of the group changed to Hammerson plc. The groups Australian holdings were sold off to AMP Limited and they continued to focus on development in the UK and France.

Hammerson's Portfolio

Hammerson has built up an impressive portfolio over the years of property developing. Some of the properties that they have completed in the recent past include:

• Brent Cross - Brent Cross shopping centre was opened in 1976 with major expansion and refurbishment completed in 1995. It was the first major covered shopping centre in the country.

• Bull Ring - In 2003 the new Bull Ring shopping centre in Birmingham was opened on the site of the original centre. It is one of the largest city centre retail developments in the UK with two principal malls trading over three levels.99 Bishopsgate - 99 Bishopsgate is a skyscraper in central London. It has been re-developed with 31,200 metres square high specification office accommodation over 26 floors.

• West Quay - West Quay opened in September 2000 as a premier shopping destination for Southampton. The development has two shopping levels and an additional catering level.

• The Oracle - The Oracle in Reading is a shopping and leisure destination. It opened in 1999 and incorporates the Riverside, a 10 screen Vue cinema and 18 cafes, bars and restaurants.

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