Hammerson fears ringfencing will hit large offices market David Atkins said the move would potentially limit the market for large headquarter prelets to the banking sector if operations were split. Under Mr Atkins's leadership, Hammerson has sold off its London office portfolio to focus on prime shopping centres, retail parks and upmarket designer outlets. "It wasn't really a call on London offices, although I think there is more of a risk there than many commentators think," he said. Although the banking reforms might create demand for smaller lettings, he said many developments are reliant on a large prelet to kickstart a scheme. "It could be a drag on the City in the years to come," he added. Hammerson pressed ahead with its focus on retail last week after it bought The Junction Unit Trust portfolio of four retail parks for £254.5m, including the Thurrock Shopping Park at Lakeside. The FTSE company is also locked in a battle with Westfield for dominance of a retail scheme in south London. Both companies are hoping to secure the right to develop the Whitgift shopping centre in Croydon, an area considered ideal for the UK's next super-mall because of its transport links and proximity to central London. The property companies have produced rival schemes and last month Hammerson bought a 25pc stake in the centre from fund manager Royal London Asset Management for £65m, partly in a bid to allow it to participate in any discussions on development plans. "We are continuing to work up our plans," said Mr Atkins. We will make our formal planning in the next couple of weeks. We're putting money into this town and we do have a plan. I'm confident we will play a major part in the regeneration of Croydon.