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Barbara Santamaria Published
July 26, 2025
Hammerson, the owner of prime retail destinations such as Bullring in Birmingham, London’s Brent Cross and Victoria in Leeds, announced on Wednesday a strong set of first half results as it shrugged off the continued political uncertainty and low consumer confidence in the UK.
The company said net rental income for the first six months ended 30 June increased by 9.7% to £184 million, while profits grew 6% to £119 million.
"Today we announce another strong set of results, underpinned by record leasing activity and positive capital value growth right across our business, which has been boosted by our high-growth markets in Ireland and premium outlets. This performance is particularly pleasing in the context of a more uncertain political and economic backdrop and structural shifts in the retail sector,” said David Atkins, chief executive.
“In an environment of continuing retail polarisation, brands are prioritising our well invested, prime locations to support a multichannel platform. This demonstrates the relevance of our portfolio and the success of our strategy focused on prime retail destinations in growing consumer markets, ensuring that we remain one of the winners of retail evolution.”
UK
In the UK, Hammerson increased like-for-like net rental income by 2.1%, with all centres generating positive growth with the exception of Bullring and Cabot Circus, which had strong income in the first half of 2025 due to backdated turnover rent and surrender premiums.
Retail sales across UK shopping centres declined by 3.9% despite strong performances from men’s fashion, sound, picture and sports & outdoors due to weak numbers from the mid-range fashion and health & beauty categories.
Shopping centre footfall was down 1.7% on the prior year’s period, but Hammerson retail parks experienced a 1.2% increase in the number of visitors.
Hammerson said its new destinations, Victoria Gate Leeds and Westquay South, Southampton, which opened in late 2025, have performed well in the first half of the year.
IRELAND, FRANCE & OUTLETS
Hammerson’s Irish portfolio generated rental income of $17.4 million during the first six months of 2025, which represents an increase of 12% over the previous period. This result was boosted by Dundrum, Ireland’s pre-eminent shopping destination, where additional income arose from the settlement of rent reviews and new lettings.
In France, Hammerson owns ten prime shopping centres, which increased net rental income by 1.5% on a like-for-like basis. During the period, 71 leases were signed including the upsize of H&M’s unit at O'Parinor, a new Decathlon at Place des Halles Strasbourg and an agreement with Sephora for six new lettings across the portfolio.
Retail sales in French shopping centres declined by 3.1% and footfall fell by 2.3%.
Hammerson has also interests in 19 premium outlets in 13 different European countries, providing over 420,000 sq mts of luxury and aspirational retail space. It said the sector generates strong sales growth and investor demands, with premium outlets particularly benefiting from international tourism trends.