Newspaper article The Evening Standard (London, England)

Hammerson Crashes ?417M into Red as It Takes Value Hit

Newspaper article The Evening Standard (London, England)

Hammerson Crashes ?417M into Red as It Takes Value Hit

Article excerpt

Byline: ROSAMUND URWIN

CITY property developer Hammerson crashed into the red today as it was forced to write down the value of its property portfolio by over ?400 million.

The City offices and shopping centres owner swung to a pre-tax loss of ?417.1 million for the first six months of the year, down from profits of ?367.8 million for the same period in 2007, as it wiped 9.2% off the value of its UK property portfolio to reflect a fall in commerical properties prices.

This contributed to a slump in net asset value per share - a key measure for property firms - of almost 10% from ?15.45 to ?13.92.

The company, which converted to a Reit at the start of last year, also took a ?17 million hit from the decision by investment banking giant JPMorgan Chase to terminate talks over building its new headquarters on its St Alphage House site. The results sent its shares off 15?p to 973?p.

But Hammerson, which owns Brent Cross and developments across the Square Mile, defied the tough property market to post a 5. …

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