Major JV buyouts have driven a year of growth at Hammerson as the retail giant increased its portfolio value 33% to £3.5bn in 2025.
Hammerson CEO: Rob Wilkinson
IFRS profit was recorded at £232m, following losses of £526m in 2024.
During the year, Hammerson acquired its JV partners’ stakes in shopping centres at Brent Cross in north-west London; Bullring and Grand Central in Birmingham; the The Oracle in Reading; and the Westquay shopping centre in Southampton.
Over these deals, it invested £757m to consolidate control of its assets at an average yield of 7.6%.
The buyout spree also increased the company’s total net rental income by 23% on the previous year to £180m. Like-for-like net rental income rose 3%, driven by active asset management and record leasing activity, Hammerson said.
“I’m excited to be leading Hammerson as we embark on our next phase of growth,” said chief executive Rob Wilkinson, who replaced former chief Rita-Rose Gagné at the start of the year.
“These strong results are testament to the quality of our unique portfolio, integrated pure-play platform and the hard work of our teams. The success of best-in-class, retail-led city destinations is evident in our record leasing at positive spreads, very high occupancy, and growing footfall and sales, leading to rental growth.”
He added: “We will maintain our focus on active asset management and targeted leasing. This gives us high visibility of our income streams. We have a clear line of sight to growth in rental income, earnings and dividend in 2026 and beyond, with multiple paths for growth, further increasing our scale and value creation.”
Hammerson posted EPRA earnings growth of 5% to £104m for 2025. This year, it expects EPRA earnings growth of 15% and net rental income growth of 20%.
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