Property firm Hammerson said it sees little sense in consolidation among the UK's real estate investment trusts (REITs). Speaking at the Reuters Real Estate summit in London, ceo John Richards countered widespread speculation on the consolidation among European property companies as share prices continue to fall.
Property firm Hammerson said it sees little sense in consolidation among the UK's real estate investment trusts (REITs). Speaking at the Reuters Real Estate summit in London, ceo John Richards countered widespread speculation on the consolidation among European property companies as share prices continue to fall.
Richards said there were too few economies of scale to be gained and consolidation created a real risk of making property firm unwieldy, with average returns. He also reiterated that Hammerson was not for sale, despite speculation after the company's chairman said it would consider an offer that reflected the company's true value. Like other property firms, Hammerson has seen its shares hit by rising interest rates and slowing property returns.