INDUSTRY NEWS

Hammerson losses mount as chief executive leaves

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Property development and investment group Hammerson have announced the departure of their CEO, John Richards.

The news coincides with the release of poor business results; losses for the group doubled for the first two quarters of 2009. On 31 December 2008 the REIT’s property portfolio was valued at £6.5 billion.

Since then it has fallen by over £1 billion. In total the group’s portfolio has experienced a 27 percent drop in value over the last year.

In that period of time the FTSE-100 listed company has seen its share value nosedive from over 1000p to just 212p. It is currently trading around 380p.

Hammerson recently reduced its debts by £572 million by selling a number of properties, including its 75 percent share in the office space development at Bishops Square in London for £386 million, at a loss of £23 million.

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