Hammerson boss calls end of property slump

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John Richards, whose company owns stakes in the Spitalfields Bishop's Square office development and the Bull Ring shopping centre in Birmingham, said rents were now falling more slowly, having a follow-on effect on property prices.

He told Bloomberg: "We will see values stabilise. The occasions of tenant default or delinqunecy are going to continue to be rare."

Richards ruled out selling its most recent projects, despite having opened them just as the market turned for the worst.

In March, he launched a £584 million rights issue then sold 75% of Bishop's Square to shore up Hammerson's finances.

He admitted the timing had been wrong but added: "From where we are now, that kind of stuff is the best recovery stock available. Our strategy is not to sell."