PROPERTY developer Hammerson said demand for space in its shopping centres has remained strong, despite the slowdown in retail sales growth.
The group described the first six months of this year as a period of progress, with pre-tax profits up to £47.4m from £37.3m last time.
Hammerson is heavily committed to the retail sector, which accounts for 69 per cent of its portfolio and includes plans to extened Cleveland Retail Park, in Middlesbrough.
The company's strong first-half showing was buoyed by take-up of space at Birmingham's Bullring shopping centre, a joint venture involving Hammerson which is due to open next week. About 95 per cent of the expected retail rental income has been secured.
The interest in the Bullring reflects a contrasting picture for the company, with the value of Hammerson's retail portfolio increasing by 2.8 per cent.
That compares with a 3.5 per cent fall in the value of its office estate.
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