Following the Intu humiliation the company’s CEO breezed on as if nothing had happened
A note of humility would have been order from Hammerson’s board after the humiliation of the non-takeover of shopping centre rival Intu, a £3.4bn deal that had to be abandoned because the group’s own shareholders were in revolt. Instead, chief executive David Atkins & co breezed on as if nothing had happened. Hammerson is a “best-in-class” and “dynamic” property company, apparently, and is now adopting a “decisive” strategy of flogging all its out-of-town retail parks.
The flattering self-assessment overlooks a few points about the new approach. First, it would have been better to flee from retail parks several years ago, before the likes of Toys R Us and Maplin went bust. Second, liquidating assets worth £1.1bn by the end of next year cannot be described as a game-changer for a group with a property portfolio worth £10.6bn.
Source: theguardian – realestate
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