Hammerson
Hammerson is a British property development and investment company focused on major retail-led destinations in urban markets.
Last updated August 26, 2026
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Overview
Hammerson is a British property development and investment company whose business is centered on owning, developing, leasing and managing major retail-led destinations. Its portfolio has historically included shopping centres, retail parks, outlet destinations and other commercial real estate serving large urban catchments in the United Kingdom, France and Ireland. The company is listed on the London Stock Exchange and has been included in major real-estate and UK equity indices. The business traces its origins to Lewis Hammerson, who began investing in property in 1942. His initial activity involved converting houses into apartments, but the company moved into commercial property in 1948. Hammerson became a public company in 1953, establishing an early foundation for the institutional ownership and development model that later characterized the group. Hammerson expanded internationally during the 1960s, entering Australia, New Zealand and the United States. During the 1970s it developed operations in continental Europe and undertook one of its most consequential British projects: Brent Cross Shopping Centre in north London. Opened in 1976, Brent Cross was the first major covered shopping centre in the United Kingdom and helped establish the modern enclosed shopping-centre format in the country. The group later rationalized its geographic footprint. In the 1990s, it sold its operations outside Europe and concentrated its resources on European property. It subsequently developed and acquired prominent retail assets in the United Kingdom and France. The opening of the new Bullring shopping centre in Birmingham in 2003 represented another major turning point. The city-centre development became one of the largest retail projects in the United Kingdom and reinforced Hammerson's role as a developer of large, destination-oriented assets rather than a conventional consumer-facing retailer. Hammerson became a UK real estate investment trust in January 2007, following the introduction of the REIT regime in the United Kingdom. The change placed the company within a tax-advantaged structure designed for property investment businesses, while also emphasizing recurring rental income, asset management and portfolio performance. Its activities have included direct ownership as well as investments through joint ventures and associates. During the 2010s, Hammerson responded to changing property-market conditions and the growing pressure on traditional retail. It sold selected assets, considered consolidation opportunities and sought to concentrate on what it described as flagship retail destinations. In 2017 it proposed acquiring rival Intu, but withdrew its recommendation in 2018 amid concerns about the condition of the UK retail market. It also rejected a larger approach from French property company Klépierre in 2018. That period highlighted the strategic challenges facing owners of shopping centres as online shopping, changing consumer habits and retailer restructurings affected valuations and occupancy. Hammerson's modern positioning is therefore that of a specialist owner, developer and manager of prominent urban retail and mixed-use destinations. The company is not primarily a product manufacturer or consumer retail chain; its brand is encountered through the properties, leasing programmes, redevelopment projects and destination-management activities associated with its portfolio. Its stated strategic emphasis has shifted toward high-quality, well-connected assets with strong catchment areas, while reducing exposure to weaker retail-park and non-core properties.
History
Hammerson began with Lewis Hammerson's property investment activities in 1942. The early business converted houses into apartments, but it entered commercial property in 1948 under the name L.W. Hammerson & Co. The company became publicly listed in 1953. During the 1960s, Hammerson expanded beyond the United Kingdom into Australia, New Zealand and the United States. In the 1970s it entered continental Europe and developed Brent Cross Shopping Centre in north London. Brent Cross opened in 1976 and was the first major covered shopping centre in the United Kingdom, making it a landmark in the development of modern British retail property. In the 1990s, Hammerson sold its non-European operations and refocused on Europe. The company continued to acquire and develop large-scale retail assets, with the Bullring in Birmingham becoming a particularly important project. The new Bullring opened in 2003 as a major city-centre retail development and helped transform Birmingham's central shopping environment. Hammerson adopted real estate investment trust status in January 2007, after the United Kingdom introduced its REIT framework. This reinforced the group's identity as a property investment and asset-management business rather than a conventional developer dependent solely on project sales. The company continued to adjust its portfolio during the 2010s. In 2012 it sold an office property on Gresham Street in London for £200 million to Retirement Fund Incorporated, a Malaysian state pension fund. In 2017 it announced a proposed acquisition of rival Intu, but withdrew its recommendation in April 2018, citing concerns over the UK retail market. In March 2018 it had also rejected a proposed £4.9 billion offer from Klépierre. Later in 2018, Hammerson announced plans to dispose of approximately £1.1 billion of properties, including assets associated with its retail-park exposure, while concentrating on flagship retail destinations. The company's portfolio has included interests held directly and through joint ventures and associates. Its operating focus has remained retail-led urban property in the United Kingdom and selected European markets, especially France and Ireland. Hammerson's long-term development reflects the evolution of shopping-centre ownership: from construction and expansion of enclosed malls, through international diversification, to portfolio specialization and adaptation to the pressures affecting physical retail.
- 2012
Gresham Street office disposal
[1]Hammerson sold its Gresham Street office property in London for £200 million to Retirement Fund Incorporated, a Malaysian state pension fund.
- 2007
Conversion to REIT status
[1]Hammerson adopted real estate investment trust status when the UK REIT regime was introduced.
- 2003
Bullring opens in Birmingham
[1]The new Bullring shopping centre opened in Birmingham as one of the UK's largest city-centre retail developments.
- 1990
European refocusing
[1]Hammerson sold operations outside Europe and concentrated its property activities on European markets.
- 1976
Brent Cross opens
[1]Brent Cross Shopping Centre opened in north London as the first major covered shopping centre in the United Kingdom.
- 1960
International expansion outside Europe
[1]The company expanded into Australia, New Zealand and the United States during the 1960s.
- 1953
Public listing
[1]Hammerson became a listed company.
- 1948
Entry into commercial property
[1]L.W. Hammerson & Co moved from residential conversions into commercial property.
- 1942
Lewis Hammerson begins property investment
[1]Lewis Hammerson began investing in property, initially converting houses into apartments.
Products and positioning
A listed European property owner and developer focused on flagship, retail-led destinations serving large urban catchments.
Shopping centre · 2003
Bullring
Bullring is Hammerson's major Birmingham city-centre retail development. Opened in 2003, it was described as one of the largest urban retail developments in the United Kingdom. The destination forms part of Hammerson's retail-led portfolio and illustrates the company's emphasis on prominent assets serving large metropolitan catchments.
Shopping centre · 1976
Brent Cross Shopping Centre
Brent Cross Shopping Centre in north London was developed by Hammerson and opened in 1976. It was the first major covered shopping centre in the United Kingdom and became an important example of the enclosed, destination-oriented retail format that shaped modern British shopping-centre development.
Retail property portfolio
Flagship retail destinations
Hammerson's flagship retail-destination offering consists of major shopping centres and related urban properties in the United Kingdom and selected European markets. The strategy emphasizes high-profile assets with substantial catchment areas, supported by leasing, redevelopment and ongoing destination management.
Brand decisions
2018
Rejection of Klépierre offerM&ABackground
French property development company Klépierre made a takeover approach for Hammerson during a period of uncertainty in European retail property.
Action taken
Hammerson rejected the proposed offer, reported as being worth approximately £4.9 billion.
Aftermath
Hammerson remained independent and continued to pursue its own portfolio strategy.
Takeover offer value. approximately £4.9 billion (March 2018)
2018
Exit from retail parks and focus on flagship destinationsStrategyBackground
Hammerson reassessed its exposure to different categories of retail property as the UK retail market weakened.
Action taken
The company announced plans to sell approximately £1.1 billion of properties by 2019 and to concentrate on flagship retail destinations.
Aftermath
The decision represented a portfolio shift away from retail parks and toward major, destination-oriented assets.
Planned property disposals. approximately £1.1 billion (Announced July 2018; target through 2019)
2017
Proposed acquisition of IntuM&ABackground
Hammerson and Intu were major owners of UK shopping-centre assets, while the retail property market was facing structural pressure from online shopping and changing consumer behaviour.
Action taken
Hammerson announced an intention to acquire Intu in a transaction valued at approximately £3.4 billion.
Aftermath
Hammerson withdrew its recommendation in April 2018, citing concerns about the health of the UK retail market.
Proposed transaction value. approximately £3.4 billion (December 2017)
2007
Adoption of UK REIT statusStrategyBackground
The United Kingdom introduced a real estate investment trust framework in January 2007, creating a new structure for qualifying property investment businesses.
Action taken
Hammerson converted to real estate investment trust status.
Aftermath
The company continued operating as a listed property investment and development group with a stronger emphasis on income-producing real estate.
Recent events
Hammerson announces Méka Brunel’s appointment as a non-executive director[2]
Reported:
Hammerson announced that Méka Brunel would join its board as a non-executive director with effect from 1 December 2019. She would also join the Investment & Disposal Committee and the Nomination Committee.
Sources2 sources
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