UK retail property REIT Hammerson saw its pre-tax profit more than double to £703 mln in 2014 from £341 mln (€458 mln) in 2013 on the back of ‘a significant uplift in asset valuation and continuing income growth’.

UK retail property REIT Hammerson saw its pre-tax profit more than double to £703 mln in 2014 from £341 mln (€458 mln) in 2013 on the back of ‘a significant uplift in asset valuation and continuing income growth’.

Rising investor demand for real estate, reinforced by an appetite from overseas investors for relatively safe returns from prime assets in the UK and France, contributed to the rise in real estate values during 2014, Hammerson said. 'This trend is forecast to continue into 2015,' it added.

Net rental income rose 8.1% to £306 mln from £283 mln a year earlier while EPRA net asset value per share rose 11.3% to £6.38 at year-end 2014.

'The recovery in UK consumer sentiment has continued to strengthen, driving increased demand from retailers for prime space, which is now translating into ERV growth across the whole portfolio,' commented David Atkins, CEO of Hammerson.

Klépierre and Unibail-Rodamco
Klépierre, the French retail specialist which is finalising its merging with peer Corio, also turned in a strong performance last year with a 41% increase in pre-tax profit to €523 mln compared with €307 mln in 2013.

Net rental income dropped nearly 12% to €747 mln from €845 mln a year ealier. This was largely due to a 31.4% decrease in earnings from Iberia and a 13.3% plunge in Scandinavia, according to the company's annual results published last week. EPRA NAV per share was €32.1 versus €32.2 on December 31, 2013.

Meanwhile Unibail-Rodamco, Europe's largest listed property group, posted a 28% rise in profit before tax to €2.18 bn in 2014 from €1.57 bn in 2013. Net rental income jumped to €1.46 bn from €1.35 bn. NAV per share came in at €166.30 from €159.60 at year-end 2013.