Saturday 20 January 2018

Dundrum Town Centre co-owner Hammerson posts profits of €941m

Hammerson owns Dundrum Town Centre through a joint-venture with Allianz Real Estate.

Dundrum Town Centre
Dundrum Town Centre
Michael Cogley

Michael Cogley

Profits in Hammerson, the firm that owns Dundrum Town Centre through a joint-venture with Allianz Real Estate, has reported an increase of 4pc in its annual profits up to £726.8m (€941.8m).

The UK property giant's rental income jumped 4.3pc up to £318.6m, while adjusted earnings per share rose 12.6pc up to 26.9p.

The firm's dividend per share grew by 10.3pc to 12.8p.

In Hammerson's full year results released to shareholders this morning the firm said that the rationale behind its acquisition of Project Jewel, the portfolio that includes Dundrum Town Centre, was to broaden the firm's European presence.

"This acquisition provides the Group with a new Irish operation to broaden our European platform and the opportunity to become Ireland’s leading retail property owner," the firm said in its financial results.

Hammerson also revealed that it has established an Irish team to manage the transition from loans to property assets.

"Under the terms of the joint venture, when the property assets are acquired from the borrowers, the group will own 50pc of Dundrum Town Centre and Dundrum Phase 2 in joint venture with Allianz and act as asset and development manager.

"We have established a new Irish team to manage the transition from loans to property assets and expect to own the properties by the Summer of 2016," it said in the statement.

Hammerson also holds a 50pc co-ownership with IPUT and Irish Life in The Swords Pavilions as well as 50pc stake in The Ilac Centre on Henry Street in Dublin.

The firm also increased its stake in Kildare Village in December after it acquired a further 21pc for £12m.

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