One of the 海角视频’s largest property groups has slumped to half-year losses of almost £320 million as the value of its shopping centre portfolio slumped in value.
The retail property group posted a pre-tax loss of £319.2 million in the six months to June 30, 2019, compared with a £55.8 million profit this time last year.
Revenue also fell year on year, from £152.5 million to £124.8 million while net rental income dropped by 12.3 per cent to £156.6 million.
Hammerson owns and operates a string of major city centre shopping malls and out-of-town retail parks including Bullring and Grand Central in Birmingham, Cabot Circus in Bristol and Highcross in Leicester.
The listed group told the stock exchange the loss was largely down to a £423.4 million net revaluation loss on its property portfolio in the first half, as continuing market uncertainty and a slowdown in leasing affected value, especially in the 海角视频.
More than half of this was down to its flagship shopping destinations in the 海角视频 which had a revaluation deficit of £266 million.
For 海角视频 flagship destinations the decline was steeper at 6.8 per cent, affected by CVAs and administrations leaving shops empty.
Hammerson also said it had achieved 90 per cent of its target to sell off £500 million worth of assets.
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Chief executive David Atkins said: "The 海角视频 retail landscape is undoubtedly challenging and traditional high street fashion is under pressure.
"However, our focus on shifting our line-up towards categories with greater customer appeal and rental growth potential has resulted in over 90 per cent of new leasing to leading consumer and food and beverage brands.
"Our absolute priority remains to reduce debt.
"We stated our intention to achieve over £500 million of disposals in 2019 and even in this tough environment, where deals are taking longer to transact, we are now most of the way there.
"We will continue to pursue additional sales throughout 2019 and into 2020 to further strengthen our balance sheet."