Latest news with #BrentCross
Daily Mail
6 days ago
- Business
- Daily Mail
Boss of shopping centre owner Hammerson to step down after five years
The boss of Brent Cross and Bull Ring shopping centre owner Hammerson is leaving after five years. In a surprise update, the company said Rita-Rose Gagne will leave in 2026. Chairman Robert Noel praised her 'outstanding leadership and immense contribution', saying she drove a substantial turnaround. Gagne, 62, previously a senior partner at global law firm Fasken, said: 'I have been privileged to work with our talented teams to transform our culture, balance sheet and portfolio.' She added that now was the right time to 'pass on the baton' and retire from the firm. Hammerson's underlying earnings fell 15 per cent to £99million last year after it offloaded assets, including its stake in Value Retail, owner of Bicester Village near Oxford. It booked a £497million impairment in the first half of 2024 due to the sale, despite banking £595million from the deal.
The Independent
6 days ago
- Business
- The Independent
Boss of Brent Cross shopping centre owner Hammerson to leave in 2026
The boss of Brent Cross and Bull Ring shopping centre owner Hammerson has revealed plans to step down in 2026 after five years in the top job. Rita-Rose Gagne will stay in post as chief executive for the next 12 months while the group hunts for her successor and to ensure a smooth handover. She took on the role in November 2020, joining from global real estate company Ivanhoe Cambridge, where she was president of growth markets. Robert Noel, chairman of Hammerson, praised Ms Gagne's 'outstanding leadership and immense contribution' to the firm. He said: 'She has driven a substantial turnaround, transforming and strengthening Hammerson into the largest UK-listed, pure-play owner and manager of prime retail and leisure anchored city destinations.' Ms Gagne said now was the right time to 'pass on the baton' and retire from the firm. 'In 2026 I will have been with Hammerson for an incredible five years, during which time I have been privileged to work with our talented teams to transform our culture, balance sheet and portfolio, returning the business to growth,' she said. 'With the business in great shape, a strong team, and significant opportunities ahead, it is an exciting time for Hammerson and the right time for me to pass on the baton,' she added. A trained lawyer, Ms Gagne's early career saw her work as a senior partner at global law firm Fasken, covering real estate, infrastructure, corporate mergers and acquisitions. Hammerson owns a raft of retail sites and real estate in the UK, Ireland and France, also including Cabot Circus in Bristol and Westquay in Southampton. It saw underlying earnings fall 15% to £99 million last year after it offloaded some retail assets, including its stake in Bicester Village owner Value Retail to private equity firm L Catterton, backed by French luxury good giant LVMH (Louis Vuitton Moet Hennessy). It booked a £497 million impairment in the first half of 2024 due to the sale, despite banking £595 million in cash from the deal. The group at the time cheered a 'transformative' year after the Bicester Village stake sale, which has allowed it to focus on its urban retail real estate and reduce debts.
Fashion Network
21-05-2025
- Business
- Fashion Network
Hammerson shines in 'excellent year', confirms almost full control of Brent Cross
Hammerson 's on a roll. The major owner/manager of prime retail and leisure centres anchored to city destinations (think Birmingham Bull Ring, Cabot Circus Bristol, Westquay Southampton, and Brent Cross in London) says it's enjoying 'an excellent start to the year' across all aspects of its business. It reported a strong year-to-date trading performance together with positive updated guidance for full-year 2025. The positive update comes as it also announced the completion of the acquisition of Brent Cross, first reported earlier this month (but more of that later). An upbeat CEO Rita-Rose Gagne said: 'We have welcomed over 50 million visitors to our destinations so far in 2025 [and] we've continued to execute our growth strategy and delivered strong operational momentum, with another period of record leasing, increased year-on-year occupancy, investment and consolidation in our assets.' As a result, Hammerson now expects total GRI (global reporting initiative) growth in the region of 10% for 2025 and re-affirmed its adjusted earnings guidance for the full year. Those 50 million visitors so far in 2025 supports its claim that footfall and sales 'have continued to be robust'. Group like-for-like sales were also up 1% for the first quarter, including a particularly strong performance in March in the UK (+2%), 'with the benefit of Easter falling in Q2 yet to come'. Another strong leasing performance in the year to 16 May has already outstripped last year's record performance with the exchange of 93 leases, representing 424,000 sq ft of space, totalling £15.5 million of headline rent at 100%, 59% ahead of previous passing rent, and 12% ahead of ERV. Reflecting the continuing high demand and strong leasing performance, year-on-year occupancy increased by 70bps in the first quarter to 94%, it noted. There's also a 'high visibility' of future income with long-term deals representing 91% by value and the weighted average unexpired lease term to break is 5.4 years, adding £76m of contracted rent year-to-date. The pipeline remains strong with over £25 million in solicitor's hands and in advanced negotiations. Following the investment in asset repositioning, Hammerson sees major new openings this year including a flagship M&S and Odeon at Cabot Circus, Hollywood Bowl and TK Maxx at The Oracle, and a unique partnership between Adidas and Aston Villa at the Bullring. It also completed the major reletting associated with the former House of Fraser at The Oracle, having signed deals last week for significant upsizes with Zara and another major global brand. It also looks forward to welcoming an upsized and new concept Pull & Bear and upsized JD Sports at Dundrum. 'These leases support significant rental growth, and together are ahead of previous passing rents and ERVs', it added. And that updated guidance comes alongside strong operational momentum so it now expects total GRI growth for FY25 to be in the region of 10%, with adjusted earnings of around £95 million. Also, Hammerson gave further details on its Brent Cross acquisition, acquiring almost a 100% stake in the centre for a net cash consideration of £186 million. It said this represents a 16% discount to book value as at 31 December 2024 for the destination and a net initial yield of 8.6%. Combined with Hammerson's existing managing stake, the company's economic interest in Brent Cross is currently 97%, and will provide annualised EBITDA benefit of around £14 million.
Fashion Network
21-05-2025
- Business
- Fashion Network
Hammerson shines in 'excellent year', confirms almost full control of Brent Cross
An upbeat CEO Rita-Rose Gagne said: 'We have welcomed over 50 million visitors to our destinations so far in 2025 [and] we've continued to execute our growth strategy and delivered strong operational momentum, with another period of record leasing, increased year-on-year occupancy, investment and consolidation in our assets.' As a result, Hammerson now expects total GRI (global reporting initiative) growth in the region of 10% for 2025 and re-affirmed its adjusted earnings guidance for the full year. Those 50 million visitors so far in 2025 supports its claim that footfall and sales 'have continued to be robust'. Group like-for-like sales were also up 1% for the first quarter, including a particularly strong performance in March in the UK (+2%), 'with the benefit of Easter falling in Q2 yet to come'. Another strong leasing performance in the year to 16 May has already outstripped last year's record performance with the exchange of 93 leases, representing 424,000 sq ft of space, totalling £15.5 million of headline rent at 100%, 59% ahead of previous passing rent, and 12% ahead of ERV. Reflecting the continuing high demand and strong leasing performance, year-on-year occupancy increased by 70bps in the first quarter to 94%, it noted. There's also a 'high visibility' of future income with long-term deals representing 91% by value and the weighted average unexpired lease term to break is 5.4 years, adding £76m of contracted rent year-to-date. The pipeline remains strong with over £25 million in solicitor's hands and in advanced negotiations. Following the investment in asset repositioning, Hammerson sees major new openings this year including a flagship M&S and Odeon at Cabot Circus, Hollywood Bowl and TK Maxx at The Oracle, and a unique partnership between Adidas and Aston Villa at the Bullring. It also completed the major reletting associated with the former House of Fraser at The Oracle, having signed deals last week for significant upsizes with Zara and another major global brand. It also looks forward to welcoming an upsized and new concept Pull & Bear and upsized JD Sports at Dundrum. 'These leases support significant rental growth, and together are ahead of previous passing rents and ERVs', it added. And that updated guidance comes alongside strong operational momentum so it now expects total GRI growth for FY25 to be in the region of 10%, with adjusted earnings of around £95 million. Also, Hammerson gave further details on its Brent Cross acquisition, acquiring almost a 100% stake in the centre for a net cash consideration of £186 million. It said this represents a 16% discount to book value as at 31 December 2024 for the destination and a net initial yield of 8.6%. Combined with Hammerson's existing managing stake, the company's economic interest in Brent Cross is currently 97%, and will provide annualised EBITDA benefit of around £14 million.
Fashion Network
21-05-2025
- Business
- Fashion Network
Hammerson shines in 'excellent year', confirms almost full control of Brent Cross
An upbeat CEO Rita-Rose Gagne said: 'We have welcomed over 50 million visitors to our destinations so far in 2025 [and] we've continued to execute our growth strategy and delivered strong operational momentum, with another period of record leasing, increased year-on-year occupancy, investment and consolidation in our assets.' As a result, Hammerson now expects total GRI (global reporting initiative) growth in the region of 10% for 2025 and re-affirmed its adjusted earnings guidance for the full year. Those 50 million visitors so far in 2025 supports its claim that footfall and sales 'have continued to be robust'. Group like-for-like sales were also up 1% for the first quarter, including a particularly strong performance in March in the UK (+2%), 'with the benefit of Easter falling in Q2 yet to come'. Another strong leasing performance in the year to 16 May has already outstripped last year's record performance with the exchange of 93 leases, representing 424,000 sq ft of space, totalling £15.5 million of headline rent at 100%, 59% ahead of previous passing rent, and 12% ahead of ERV. Reflecting the continuing high demand and strong leasing performance, year-on-year occupancy increased by 70bps in the first quarter to 94%, it noted. There's also a 'high visibility' of future income with long-term deals representing 91% by value and the weighted average unexpired lease term to break is 5.4 years, adding £76m of contracted rent year-to-date. The pipeline remains strong with over £25 million in solicitor's hands and in advanced negotiations. Following the investment in asset repositioning, Hammerson sees major new openings this year including a flagship M&S and Odeon at Cabot Circus, Hollywood Bowl and TK Maxx at The Oracle, and a unique partnership between Adidas and Aston Villa at the Bullring. It also completed the major reletting associated with the former House of Fraser at The Oracle, having signed deals last week for significant upsizes with Zara and another major global brand. It also looks forward to welcoming an upsized and new concept Pull & Bear and upsized JD Sports at Dundrum. 'These leases support significant rental growth, and together are ahead of previous passing rents and ERVs', it added. And that updated guidance comes alongside strong operational momentum so it now expects total GRI growth for FY25 to be in the region of 10%, with adjusted earnings of around £95 million. Also, Hammerson gave further details on its Brent Cross acquisition, acquiring almost a 100% stake in the centre for a net cash consideration of £186 million. It said this represents a 16% discount to book value as at 31 December 2024 for the destination and a net initial yield of 8.6%. Combined with Hammerson's existing managing stake, the company's economic interest in Brent Cross is currently 97%, and will provide annualised EBITDA benefit of around £14 million.
