Interim results reveal that developer raised £138m from disposals as it continues with plans to become a REIT
Hammerson saw its net asset value rise 12.3% to £13.89 in its interim results as the developer continues with plans to become a real estate investment trust next year.
Pre-tax profit shot up 55% to £384.8m for the first six months to 30 June 2006 while net rental income grew 7.8% to £109.3m.
The developer invested £168m and raised £138m from disposals.
In May, Hammerson announced that is would become a REIT on 1 January 2007. The developer expects to hold an extraordinary general meeting in autumn to finalise details of the conversion after the expected release of detailed REIT regulations by the government.
Chairman, John Nelson, said: “We are maintaining our strategy of focusing on key property markets in the UK and France and adding value through asset management, development activity and capital recycling. The group has an investment portfolio and development programme of exceptional quality and I have great confidence in Hammerson's future performance.”