Hammerson is to focus on French rather than UK schemes in 2010 it revealed in its 2009 results this week
The group said it would invest £430m into two projects in Paris and Marseille, but would not look at new UK projects until at least 2011.
David Atkins, chief executive, said talks with potential occupiers in the UK had not revealed viable levels of demand and so he “wouldn’t anticipate any of our major developments starting this year”.
The firm reported a loss of £453m for last year, compared with a £1.6bn loss in 2008. Its portfolio is valued at £5.1bn after a 6% gain in the second half of 2009, meaning its annual decline was 8.9%.