Dundrum co-owner’s Irish property valuation up €19m

Retail

Hammerson said its flagship property destinations in Ireland increased in value by over £17m to £676.4m. Pictured, Dundrum Shopping Centre

Sean Pollock Email

March 12 2023 02:30 AM

The valuation of Irish flagship properties owned by Hammerson, a UK-based property development and investment group that co-owns Dundrum Town Centre, has increased by over £17m (€19m) to £676.4m.

Hammerson, which also holds stakes in Dublin's Ilac Centre, revalued its property as part of its 2022 full-year results. In 2021, the valuation of its Irish property portfolio was £659.3m.

The results show Ireland had gross rental income of £37.3m in 2022, up from £35.6m. Footfall at the Irish business was up 35pc, while vacancy rates stood at just 2pc in Ireland.

Adjusted earnings across Hammerson rose 60pc to £105m in 2022 due to lower costs and ongoing recovery in its value retail division.

Losses narrowed to £164m from £429m in 2021, mainly due to a £282m revaluation deficit. The group completed 317 leasing deals in 2022, a rise of 2pc when disposals are excluded, representing a total of £45m in headline rent.

The results also said Hammerson had signed a deal to bring a new Nike concept store to Dundrum. Footlocker recently agreed to open a store at the Ilac Centre.