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Hammerson reports strong recovery as shoppers return to retail centres

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Dundrum Town Centre

Dundrum Town Centre

Dundrum Town Centre

Retail property firm Hammerson has said that footfall at its Irish flagships improved to 90pc of 2019 levels in the third quarter of the year.

The company co-owns Dundrum Town Centre with German insurer Allianz, as well as half of the Pavilions shopping centre in Swords, the Ilac Centre in Dublin City Centre and 40pc of Kildare Village.

The commercial property group is active in seven countries, including a number of flagship retail centres.

While footfall remains slightly below pre-pandemic levels, sales have now surpassed figures recorded in 2019.

In the third quarter of the year, sales were up 2pc on 2019 levels in Ireland. In Hammerson’s UK locations, sales were 4pc higher and also rose 3pc above pre-pandemic levels in France.

Overall group occupancy across all of the company's locations now stands at 95pc.

Hammerson also noted an improvement in total rent collection in the first half of the year, with 93pc of rent for Q3 2022 now paid.

In October last year, Hammerson said that 29pc of its Irish commercial tenants were behind on rent following periods of lockdown.

Hammerson now expects full year earnings to be no less than £100m. Last year, the group reported adjusted earnings of £81m, a rise of 122pc compared to the first year of the pandemic.

The retail property firm said that gross rental income has now increased by 11pc in the year to date, with 221 leases signed so far in 2022.

These leases represent £17m of headline rent.

More than half of these leases have gone to non-fashion categories, including food and beverage, leisure and services.

Last month, Hammerson and Allianz announced that construction has commenced on its first Irish apartment development. The new scheme, which is located on the Sandyford entrance of the Dundrum estate, will include 122 apartments.

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