Hammerson management statements show little changed

graeme at 10:31 a.m. Tue 03 Nov 2009

Retail property developer Hammerson released a somewhat non-committal management statement. The company said:

The period has seen a degree of confidence return to property markets, with increased levels of investment activity leading to a firming of UK property yields.

but also:

However, the market outlook remains uncertain, due in part to the high level of property debt which needs to be refinanced over the next few years.

Hammerson has managed good levels of lettings in its most recent developments. Occupancy rates were little changed, and borrowing has increased just 5% to 2.2bn.

Despite some optimism, there is little solid sign of improvement. The shares are down 2.5% so far today.

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