Under the hammer: Property group takes major writedown

Shopping centre owner Hammerson, whose properties includes the Bullring in Birmingham, pictured, has seen its yearly profits slump 56 per cent to £322.8m after booking heavy losses on the value of its property portfolio. In the UK, Hammerson’s shopping centre values fell £6m and retail parks were down £118m, with the group saying £39m of this was due to the increase in stamp duty. The firm also cited transfer taxes in Paris and weak trading at its French business.