INDUSTRY NEWS

Hammerson losses mount as chief executive leaves

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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