Occupancy levels rise at Hammerson

9th Nov 2010 08:28

Property group Hammerson is seeing strong investment demand for prime property in both the UK and France.Overall occupancy in the property portfolio increased to 96.6% at 30 September 2010, from 96.2% at 30 June.The occupancy rate in UK Retail grew to 96.0% from 95.6% at the end of June, while France Retail saw its occupancy rate improve to 98.1% from 979.9%.The UK shopping centre portfolio generated a 5.3% like-for-like sales increase, and in France like-for-like sales increased by 6.2%.As for the Office portfolio, the occupancy rate increased by a full percentage point to 95.9% from 94.9% at the end of June.Net debt at the end of September stood at £2.2bn, up from £2.1bn at the end of 2009. Disposals which completed in October reduced net debt by a further £0.3bn. Cash and committed unutsed bank facilities at 30 September 2010 totalled £0.7bn."In line with our stated strategy we have realised cash through asset disposals and have substantial resources available for investment in assets offering good growth prospects. We have achieved an encouraging number of new lettings, improving occupancy, and made good progress with a number of our development projects," said David Atkins, chief executive of Hammerson.