UK property company Hammerson has said it is to pay a £101 mln (EUR 150.5 mln) charge to the Treasury following the company's decision to convert to a real estate investment trust (REIT) in January. Hammerson revealed the exact amount of the conversion charge during the presentation of its results for the year ending on December 31, 2006. Its full-year adjusted pre-tax profits rose 5.7% to £94.5 mln, while net rental income went up 12.9% from £237.4 mln to £210.3 mln. Net asset value per share rose 21.3% to £15.

UK property company Hammerson has said it is to pay a £101 mln (EUR 150.5 mln) charge to the Treasury following the company's decision to convert to a real estate investment trust (REIT) in January. Hammerson revealed the exact amount of the conversion charge during the presentation of its results for the year ending on December 31, 2006. Its full-year adjusted pre-tax profits rose 5.7% to £94.5 mln, while net rental income went up 12.9% from £237.4 mln to £210.3 mln. Net asset value per share rose 21.3% to £15.

The company invests in and develops shopping centres, retail parks and prime offices in the UK, France and Germany. It said it has a development pipeline with potential investment of around £5 bn over the next decade. Hammerson is listed on the London Stock Exchange and Euronext Paris.