HAMMERSON PLC
INTRODUCTION:
What is Hammerson plc?
Hammerson plc is a real estate company founded in 1942 by Lewis W. Hammerson. The headquarter if the company is located in London, the UK.
Hammerson plc is the largest company dealing with real estate, after Land securities by market value. The retail-based portfolio of Hammerson plc (£10.6 billion) spans about 2.3 million m2 and consists of retail parks, retails outlets, and shopping centers across more than 14 European countries. Approximately 45% of the portfolio value of Hammerson plc is in the retail of the United Kingdom such as crown jewels, for example, Bicester Village, North London’s Brent Cross, and the shopping center Birmingham Bullring. The hands-on approach of the company predicts as well as responds to the physical retail dynamics, which has added the development of more mesmerizing shopping experiences in recent years. Hammerson plc is formed as a Real Estate Investment Trust (REIT) for tax.
What does Hammerson plc do?
Hammerson plc focuses on the best quality of flagships through their portfolio and the premium outlets in the specific cities all over the Europe and United Kingdom. They apply all of their skills and expertise to generate significant opportunities for all the stakeholders in the long run.
Hammerson plc is a developer, owner, and manager of retail harbors in Europe. Their portfolio contains 20 dividend outlets all over Europe as well as investments in 22 shopping centers of prime locations in the United Kingdom, France, and Ireland, along with 15 conducive retail parks across the United Kingdom.
HISTORY OF HAMMERSON PLC:
Hammerson plc provides services for the development as well as investment in property. The company invests, manages, develops offices, retail parks, and shopping centers. Hammerson plc operates through Continental Europe and the United Kingdom.
When was Hammerson plc found?
Hammerson was founded in 1942 by Lewis W. Hammerson. Initially, it started to develop the residential property and eventually expanded into the commercial property by 1948. In 1954, Hammerson plc registered as a public company and began a partnership program with local authorities to reestablish the retail offer of the cities of the United Kingdom. The company opened the first covered mall of the United Kingdom, Brent Cross, in 1976, thereby expanding in 1985, into a French commercial property. As per the Chief executive report of Hammerson plc, the company focuses to acquire the retail locations.
The company timeline:
A brief timeline of the Hammerson plc since its very beginning is discussed below:
In 1942, the founder of Hammerson plc, Lewis W. Hammerson set up the company to invest the capital in real estate, thereby converting houses into flats.
By the year 1948, Lewis W. Hammerson & Company expanded into a commercial property. While in 1954, the company registered as a public company and switched its name as Hammerson Property and Investment Trust.
By the year 1958, Lewis Hammerson died and the company succeeded by Sydney Mason as the Chairman of the company. Hence, the focus of the team shifted towards the development of shopping centers and offices.
By the year 1960, Hammerson plc partnered with a local establishment and redeveloped the retail quarter of Bradford city. This was the first partnership of the company.
In the same year, Hammerson plc expanded to the United States, Australia, and New Zealand.
In the year 1970, the Hammerson plc group expanded to Europe and Canada. The company developed property in Paris, Brussels, and Amsterdam, together with a companion.
The Opening of the Brent Cross Shopping Centre happened in 1976. It was the first shopping center in the United Kingdom which was enclosed.
However, in 1982, Hammerson plc changed its name to The Hammerson Property Investment and Development Corporation plc. And in 1989, the adverse takeover bid for the company by Rodamco (a Dutch institution) was rejected by the shareholders.
In 1993, Ron Spinney was appointed as the Chief Executive of the company. In the same year, the rights issue raised to £200 million. The company refocused on the locations where it had critical mass.
In the year 1995, 99 Bishopsgate was redeveloped, and the London EC2 was completed. Hammerson plc was interested in the acquisition of a major shopping center in France, Espace St Quentin. However, the company began redevelopment of 54 boulevards Haussmann, in Paris 9e.
By the year 1996, the redevelopment site of the office was purchased at 40 rue de Courcelles, Paris 8e. In the same year, Hammerson plc acquired a shopping center Former Bull Ring in Birmingham.
In the year 1997, Hammerson plc achieved accreditation of “Investment in People”, and the office redeveloped at Globe House, London WC2, pre-let to BAT plc.
In 1998, the company acquired Italie 2, Paris 13eme, and sold the Canadian interests
It was the year 1999 when Ron Spinney was appointed as the Chairman of the company, while John Richards was appointed as the Chief Executive of Hammerson plc.
In 1999, a major retail scheme opened with the name The Oracle. Another major retail scheme opened by the year 2000, with the name WestQuay, in Southampton.
In 2002, 280 Bishopsgate, London, was sold for £219 million. Hammerson plc group secured the largest pre-let ever in the City at the development of Bishops Square. In the same year, Hammerson plc acquired Grantchester Holdings plc and gave it a critical mass in the sector of retail parks.
The development of office at 53 Quai d’Orsay and 148 rue d’Université, Paris completed and the company acquired Bercy 2, Paris.
The Bullring Shopping Centre opened in Birmingham in 2003 following the largest retail-led regeneration project of the urban population in Europe.
In 2004, Hammerson plc adopted the tax-exempt regime (“SIIC”) for the French business. Moreover, the company acquired 50% additional interest in WestQuay Shopping Centre, Southampton for £203 million.
By the year 2005, Hammerson was admitted to FTSE 100. Mean year, John Nelson succeeded Ron Spinney for the position of Chairman.
Bishops Square, Spitalfields, London E1 developed completely and showed a £157 million surplus. Major retail schemes in Leicester and Bristol were started. In the same year, the company acquired Villebon 2 retail park, for £105 million.
In 2006, Redevelopment at former Stock Exchange building started at 125 Old Broad Street, London EC2. The head office of the company was relocated to 10 Grosvenor Street, London W1.
In 2007, Hammerson plc adopted the status of tax-exempt REIT in the United Kingdom.
The company completed and sold 9 place Vendome, Paris, and acquired Grand Maine shopping center in Anger, France.
In the year 2008, the company sold London Wall for £67 million.
Also, the company opened refurbishment and major expansion Highcross, Leicester. The regeneration scheme in Bristol led by retail, Cabot Circus was completed.
In 2009, David Atkins was appointed as the CEO of the company. The Union Square Aberdeen opened in the same year.
In the year 2011, the company acquired SQY Ouest for €38 million as well as St Martin’s retail portfolio, including Centrale, Croydon
By the year 2012, the company had announced a change in policy to focus on the retail property. The company disposed of the assets of the London Office. Also, Hammerson plc acquired the portfolio of Junction Fund retail parks.
In 2013, Hammerson signed a joint venture with Westfield for £1billion for the redevelopment of Croydon Town Centre.