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8.8% rise in rental income for Dundrum Town Centre owner Hammerson

Dundrum Town Centre generated £12.5m (€14.6m) in rental income for Hammerson last year
Dundrum Town Centre generated £12.5m (€14.6m) in rental income for Hammerson last year

The British property investment firm that owns Dundrum Town Centre, Hammerson, saw an 8.8% rise in its rental income to £346.5m (€405m) in 2016.

The firm posted a 9.4% rise in adjusted profit for the year to £230m.

Earnings per share and dividend per share were both 8.6% higher for the year.

Meanwhile, for last year Hammerson reported rental income in Ireland of £14m (€16.4m), with £1.5m of this generated by its Dublin Central development site and the remainder from Dundrum, which it acquired in July 2016.

Across its Irish property assets, which had a 99.5% occupancy rate last year, the company secured annual rent uplifts of 8%.

Income from car parks and sale of advertising generated £2.3m for Hammerson in Ireland in 2016, with the company highlighting that a €1 increase in its parking tariff at Dundrum “resulted in a significant increase in car park revenue”.

Hammerson’s Irish portfolio also includes the Dublin Central development site and land adjoining the Swords Pavillion shopping centre.

While in December it acquired a 50% co-ownership with Irish Life of the Ilac Centre.