Britain’s Toniest Shopping Malls Left Reeling by Covid Slump
Bloomberg 3/12/2021 Jack Sidders
(Bloomberg) The scale of devastation wrought by the pandemic on Europe’s stores and malls is becoming painfully clearer.
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Hammerson Plc, which owns once-prized shopping centers across the U.K., France and Ireland, slashed the value of its properties by almost 2 billion pounds ($2.8 billion) last year, according to a statement Friday. The company, once a pillar of the U.K.’s real estate sector, said the plunge was triggered by the greatest fall in rental income it’s ever seen.
The landlord’s 41% collapse in rent shaved nearly a quarter off its portfolio’s value, with the company’s biggest U.K. malls including the Bullring in Birmingham and Brent Cross in London falling more than twice as much as its French and Irish properties. The plunge in values forced Hammerson to a 1.7 billion-pound loss, its worst in history.
Mar 12 2021, 5:13 PM
March 12 2021, 1:09 PM
March 12 2021, 5:13 PM
(Bloomberg) The scale of devastation wrought by the pandemic on Europeâs stores and malls is becoming painfully clearer.
(Bloomberg) The scale of devastation wrought by the pandemic on Europeâs stores and malls is becoming painfully clearer.
Hammerson Plc, which owns once-prized shopping centers across the U.K., France and Ireland, slashed the value of its properties by almost 2 billion pounds ($2.8 billion) last year, according to a statement Friday. The company, once a pillar of the U.K.âs real estate sector, said the plunge was triggered by the greatest fall in rental income itâs ever seen.