Hammerson Raises Earnings Guidance Amid Strong Leasing Performance and Arndale Acquisition
Hammerson has raised its full-year earnings guidance for 2026 to £132 million, driven by stronger leasing performance, higher occupancy rates, and the recent acquisition of a 50% stake in Manchester Arndale. The company explained that it had previously participated in an unsuccessful sale process for Arndale due to concerns over physical due diligence timelines but later secured the deal through direct negotiations with M&G. Hammerson will co-own and manage the property, which requires minimal urgent capital expenditure. The acquisition was accompanied by a new equity raise aimed at reducing leverage while providing flexibility for future acquisitions. CFO Himanshu Raja highlighted that underlying operational performance is central to the guidance increase, including expected occupancy gains in the second half of 2026 and additional turnover rent contributions from store openings. Management also reiterated its medium-term target of 6%–8% compound annual growth in earnings per share (EPS) and dividends per share. Looking ahead, Hammerson anticipates like-for-like revenue growth of around 4% to 5% in 2027 due to repositioning projects. From 2028 onward, the company expects inflation-plus growth through continued rental increases.
Topics: acquisition leasing performance occupancy rates real estate