11th Jun 2015 13:22
LONDON (Alliance News) - Hammerson PLC Thursday said it has exchanged contracts to sell its interest in the Bercy 2 shopping centre in France to Tikehau Capital Partners for more than the property's book value at the end of 2014.
Hammerson said the EUR64 million, or GBP47 million, sale is for the 20,200 square metres of space it owns in the 35,200 square metre shopping centre, which has over 70 retail units in the Charenton-Le-Pont region in Paris. The gross passing rent before operating costs is EUR4.6 million.
"This transaction is in line with our strategy of actively managing our portfolio in France to create a platform of leading retail destinations," said Chief Executive David Atkins. "We continue to evaluate selected disposals and recycle capital into those assets and developments which are best positioned to deliver value creation for our shareholders."
The deal is expected to be completed in the third quarter of 2015.
Hammerson shares were up 1.5% to 659.85 pence per share on Thursday afternoon.
By Joshua Warner; [email protected]; @JoshAlliance
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