CANNES-David Atkins has called the ball. As chief executive of Hammerson, Europe's largest investor and developer of retail space, he has set the company's sites on a 25% growth in the next three years.
“At the same time,” we expect to reduce our cost base and debt,” he explained in an exclusive interview at MIPIM here. Marseille and Croydon are the targets of major new developments the publicly traded pure-play retail firm has in the offing. The UK and France are Hammerson's primary stomping ground, with a 75/25 split between the two, respectively.
Funding for the developments will come from cash on hand (US $1. 05 billion) plus “the option to raise debt or sell assets,” he said.
Hammerson's current portfolio is huge with nearly (US) $9 billion in ownership and $13 billion in assets under management, much of that accumulated through equity plays with such US partners as Cohen & Steers, Third Avenue and Morgan Stanley.
As for possible expansions into the US, Atkins says, “Been there, done that, and we don't intend to do it again. Going to the states again would be dilutive to our capital base.”
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
