Published
October 9, 2025
Property giant Hammerson on Thursday issued an operational update and talked of strong footfall to its properties.
Bullring
The Bullring owner said momentum has been continuing throughout the key summer months (June to August) across all geographies and highlights include UK footfall up 6% year-on-year, representing an extra 1.3 million customer visits during the summer period.
Meanwhile its two French destinations (Les 3 Fontaines and Les Terrasses du Port) were up 5% year-on-year, and in Ireland, Dundrum was up 3% — all ahead of national benchmarks.
Its standout UK performance has included the Bullring (+12%), The Oracle (+9%) and Cabot Circus (+5%) — all benefitting from repositioning works and new openings.
And it added that strong footfall growth drove strong year-on-year sales for its brand partners, with like-for-like sales growth in the UK up 4% over the summer period and 2.4% for the group.
So it’s perhaps no surprise that leasing demand for prime space is strong, with 71 long-term deals exchanged over the same period.
Long-term lease agreements were signed 29% ahead of previous passing rent and 15% ahead of estimated rental value (ERV) on a net effective basis. The UK delivered its strongest performance at 22% over ERV.
The company added that strong support from the credit markets reflects Hammerson’s operational performance with it announcing the pricing of a €350 million bond with a maturity of 6.5 years, priced at 110 basis points over euro mid-swaps with an annual coupon of 3.5%. The issuance was over five times covered at peak. The New Bonds represent the first stage of the early refinancing of the group’s €700 million 1.75% Sustainability-Linked bonds maturing in June 2027.
The successful issuance follows last week’s upgrade by Fitch on its senior unsecured debt rating to A- and the Long-Term Issuer Rating to BBB+, while Moody’s revised its Baa2 rating to a Positive Outlook.
As a result of the earlier issuance of its €350m New Bonds, it now expects FY25 earnings to be around £101 million.
CEO Rita-Rose Gagné said: “We are delighted with the high levels of demand for our bond issue, a testament to the strength and success of our strategic delivery. We continue to invest in destination repositioning and leasing to drive returns while our JV buyouts have enabled us to take full control of our assets and grow income. Demand for our prime space is robust, as evidenced by the operational performance we drove over the summer. Momentum is continuing into September and October and we have a strong pipeline ahead.”
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