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Hammerson lines up next chief executive

Rita-Rose Gagné announced she would step down in June
Rita-Rose Gagné is stepping down. (Hammerson)
Rita-Rose Gagné is stepping down. (Hammerson)
CoStar News
September 5, 2025 | 8:17 AM

UK REIT Hammerson is lining up Rob Wilkinson, chief executive officer of AEW Europe, to be its next chief executive.

An announcement is expected next week from the group which confirmed in June that chief executive Rita-Rose Gagné was to step down and retire in 2026. Green Street News first reported on Wilkinson's likely appoointment as her successor.

Gagné has said she will remain with the business for the next 12 months as a successor is identified.

Wilkson joined AEW, one of the largest real estate asset managers in the world, in 2009 and prior to being made chief executive in 2014, served as chief investment officer for the firm in Europe.

Other appointments include vice-chair of INREV’s management board and a non-executive position on the Board of Derwent London.

Gagné joined as chief executive of Hammerson in 2020 at a period when the shopping centres business had seen its share price fall dramatically as it faced the impact of online shopping on physical retail, and the emerging Covid-19 crisis. Under her leadership the business has focused on selling non-core assets and major cost reductions, as well as creating mixed-use urban centres around the city centre malls, and buying the stakes of joint venture partners. For a recent interview with Gagné about that strategy click here.

In 2020 Hammerson completed a major rights issue and a substantial refinancing was undertaken in spring 2021. A later focus on debt reduction through disposals has seen a 36% cost reduction programme to date and the implementation of a new operating model.

The disposal programme culminated in the sale of retail outlet owner Value Retail in September 2024, reducing net debt by a further 40% and, alongside the buyout of its joint partner at Westquay in Southampton, meant the loan to value improved from 46% at full year 2020 to 30% at fully year 2024. Net debt to EBITDA improved from 14.1x to 5.8x over the same period.

Hammerson described this as a "turnaround" that enabled the company to return to a fully cash dividend in 2023 and improve returns to shareholders via an ongoing share buyback programme of up to £140 million and a commitment to a substantially higher dividend pay out ratio of 80%-85%.

It has been back in buying mode recently, taking full control of Brent Cross in north London and the Bullring in Birmingham.

Hammerson declined to comment.

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