Hammerson, like many shopping centre owners, is in a bit of a sweet spot. The improving economy has fed through into more activity at the tills, which in turn gives retailers the confidence to lease more space. Meanwhile, the rock-bottom level of market interest rates is enabling the company to lock into fabulously cheap credit. Hammerson borrowed for eight years the other day at a coupon of only 2 per cent.
Hammerson, which runs shopper magnets like the Bullring in Birmingham and Brent Cross in London, reported strong leasing momentum in the year to December, signing up new tenants paying an additional £29.5 million of annual rent. That compares to an increase of £23.9 million in the prior year.
Perkier spirits among shopkeepers are pushing