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Hammerson writes down value of its shopping centres by almost £2bn


Hammerson, the owner of Birmingham s Bullring and London s Brent Cross, has cut the valuations of its shopping centres by almost £2billion after suffering the biggest drop in rental income in its history.
As retailers struggled to pay rent during lockdowns as stores remained closed, Hammerson saw net rental income across its shopping centres in the UK, Ireland and France nearly halve to £158million last year. 
That caused a huge writedown in its property portfolio to £6.3billion at the end of 2020, from £8.3billion a year earlier, that in turn saw the company swing to a £1.7billion loss last year.
Bullring owner Hammerson swung to a £1.7bn loss last year and has debts of £2.2bn ....

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