There were both strong declines in rents (lfl) and negative revaluations in the UK. The yield decompression explained the bulk of the 7% NAV drop in H1 19 and the impact of the coming revenue decline is not fully accounted for in our view. As expected, the healthy Outlet asset pocket and the French cushion were insufficient to compensate the now worrisome context in the UK (Idea Kicker Hammerson, 22 May 2019). Another downgrade is to come.
29 Jul 2019
Hard H1 19; and Brexit was still not accounted for
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Hard H1 19; and Brexit was still not accounted for
Hammerson plc (HMSO:LON) | 26.7 0 (-0.1%) | Mkt Cap: 1,330m
- Published:
29 Jul 2019 -
Author:
Christian Auzanneau -
Pages:
5
There were both strong declines in rents (lfl) and negative revaluations in the UK. The yield decompression explained the bulk of the 7% NAV drop in H1 19 and the impact of the coming revenue decline is not fully accounted for in our view. As expected, the healthy Outlet asset pocket and the French cushion were insufficient to compensate the now worrisome context in the UK (Idea Kicker Hammerson, 22 May 2019). Another downgrade is to come.