"2015 was another year of progress within our property portfolio. Our intensive management style was a major factor that contributed to these satisfactory property results in the face of a challenging environment for the bricks-andmortar retail world.
During the year the success of online retailing continued. It is now clear that retail landlords face a changed future as more sales migrate to the online format. However, we are not complacent and feel that going forward the defensive qualities of our major centres will be a positive factor. We believe that “bricks and mortar retail” has a positive contribution to make in the following sub-sectors: large regional centres and major cities; centres offering a differentiated shopping experience; and convenience retail. As shareholders will see from our portfolio review, the retained core of our estate falls within this description.
Investor demand for shopping centres and other retail property remained constant throughout 2015, particularly for those assets demonstrating resilient cash flow and tenant demand. However the market is likely to be more cautious over the next few months as macro-economic concerns and the June referendum on Britain’s membership of the European Union cause investors to pause before committing further funds to the sector."
... full statement
Sir Michael Heller, Chairman.
John Heller, Chief Executive.
Final results for the year ending 31 December 2015 are available now to download
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