Latest news with #RitaRoseGagne
Irish Times
12 hours ago
- Business
- Irish Times
Dundrum Town Centre owner Hammerson reports first increase in portfolio value since 2017
Dundrum Town Centre joint-owner Hammerson reported the first increase in the value of its portfolio since 2017, drawing a line under a torrid period for store owners that was marked by retailer closures and the pandemic. The company's portfolio of properties in Ireland, Britain and France was valued 11 per cent higher in the first half of the year, influenced by acquisitions and net revaluation gains. On a like-for-like basis, the portfolio value was up 1.2 per cent, with Ireland flagships up 1.6 per cent. It caps a big turnaround by the company, overseen by chief executive Rita-Rose Gagne, who announced earlier this year that she intended to retire five-years after taking the helm. Gross rental income in Ireland for the six months fell 2.1 per cent to £18.8 million, with Hammerson attributing that to a single over-rented unit in its Ilac Centre property, formerly occupied by River Island. That has since been re-let to Normal, the company said, that brand's first outlet in Ireland. Hammerson also said it plans to raise as much as 10 per cent of its existing share capital through a placing to fund the buyout of the remaining stakes that it does not already own in two Birmingham shopping centres. The property investment group plans to buy Canada Pension Plan Investment Board's 50 per cent interests in the Bullring and Grand Central malls for £319 million, according to a statement on Thursday. The landlord, which traditionally owned stakes in the properties it manages alongside institutional investors, has been moving to take full ownership of assets to give it more flexibility. European retail property is finally recovering after years of declining rents that wiped billions from store valuations. A lack of new development and the conversion of surplus retail properties to other uses has helped to bring supply and demand closer to equilibrium, with those retailers that survived the storm now competing for the limited space in the best malls. Rival mall landlord Unibail-Rodamco-Westfield reported a 1.2 per cent increase in its portfolio value in the six months through June. The company has continued to sell off properties to slash its debt pile, completing a further €1.6 billion of deals. The company has since agreed to sell its airport concessions at JFK, Los Angeles International, and O'Hare for $295 million. – Additional reporting: Bloomberg
Daily Mail
04-06-2025
- Business
- Daily Mail
Boss of shopping centre owner Hammerson to step down after five years
The boss of Brent Cross and Bull Ring shopping centre owner Hammerson is leaving after five years. In a surprise update, the company said Rita-Rose Gagne will leave in 2026. Chairman Robert Noel praised her 'outstanding leadership and immense contribution', saying she drove a substantial turnaround. Gagne, 62, previously a senior partner at global law firm Fasken, said: 'I have been privileged to work with our talented teams to transform our culture, balance sheet and portfolio.' She added that now was the right time to 'pass on the baton' and retire from the firm. Hammerson's underlying earnings fell 15 per cent to £99million last year after it offloaded assets, including its stake in Value Retail, owner of Bicester Village near Oxford. It booked a £497million impairment in the first half of 2024 due to the sale, despite banking £595million from the deal.
The Independent
04-06-2025
- Business
- The Independent
Boss of Brent Cross shopping centre owner Hammerson to leave in 2026
The boss of Brent Cross and Bull Ring shopping centre owner Hammerson has revealed plans to step down in 2026 after five years in the top job. Rita-Rose Gagne will stay in post as chief executive for the next 12 months while the group hunts for her successor and to ensure a smooth handover. She took on the role in November 2020, joining from global real estate company Ivanhoe Cambridge, where she was president of growth markets. Robert Noel, chairman of Hammerson, praised Ms Gagne's 'outstanding leadership and immense contribution' to the firm. He said: 'She has driven a substantial turnaround, transforming and strengthening Hammerson into the largest UK-listed, pure-play owner and manager of prime retail and leisure anchored city destinations.' Ms Gagne said now was the right time to 'pass on the baton' and retire from the firm. 'In 2026 I will have been with Hammerson for an incredible five years, during which time I have been privileged to work with our talented teams to transform our culture, balance sheet and portfolio, returning the business to growth,' she said. 'With the business in great shape, a strong team, and significant opportunities ahead, it is an exciting time for Hammerson and the right time for me to pass on the baton,' she added. A trained lawyer, Ms Gagne's early career saw her work as a senior partner at global law firm Fasken, covering real estate, infrastructure, corporate mergers and acquisitions. Hammerson owns a raft of retail sites and real estate in the UK, Ireland and France, also including Cabot Circus in Bristol and Westquay in Southampton. It saw underlying earnings fall 15% to £99 million last year after it offloaded some retail assets, including its stake in Bicester Village owner Value Retail to private equity firm L Catterton, backed by French luxury good giant LVMH (Louis Vuitton Moet Hennessy). It booked a £497 million impairment in the first half of 2024 due to the sale, despite banking £595 million in cash from the deal. The group at the time cheered a 'transformative' year after the Bicester Village stake sale, which has allowed it to focus on its urban retail real estate and reduce debts.
