10th Jul 2015 06:14
LONDON (Alliance News) - FTSE 100-listed property developer Hammerson PLC on Friday said it has sold its stake in the Grand Maine shopping centre, located south west of Angers in France, to an unnamed French institutional investor for EUR63.2 million.
The shopping centre has 8,600 square metres of retail space and was refurbished by Hammerson in 2013. It has a 95% occupancy rate and generates a gross rental income of EUR3.3 million a year.
"Since we acquired Grand Maine in 2007, we have introduced a number of new brands and renovated the interior to improve the design and façade of the centre. This disposal, along with the recent sale of Bercy 2, Paris, represent an opportunity to take advantage of strong investor demand for retail real estate assets and achieve good pricing ahead of book value," said David Atkins, Hammerson's chief executive.
By Sam Unsted; [email protected]; @SamUAtAlliance
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