15th May 2006 08:04
Hammerson PLC15 May 2006 Hammerson Disposals in Germany Hammerson has exchanged contracts for the sale of Markisches Zentrum, a 54,700m(2) shopping centre in Berlin, to Dubai Investment Group for €88.0 million. Theproperty generated a net rental income of €4.0 million in 2005. The transaction follows the announcement last week of the exchange of contractsfor the sale of B5, a factory outlet centre near Berlin, to Henderson GlobalInvestors for €21.8 million. Hammerson now owns one property in Germany, the 28,900 m(2) Forum Steglitzshopping gallery in south west Berlin. This asset is currently undergoing amajor refurbishment programme and it is anticipated that the property willsubsequently be marketed for sale. Commenting on the transaction, John Richards, Chief Executive, said: " Hammerson's strategic focus is on increasing its exposure to the UK and Frenchmarkets where it has critical mass and established teams. It has been our intention to dispose of our German property assets. In thisconnection, we closed our office in Germany at the beginning of 2004 andoutsourced the management of our three remaining assets in Berlin. The sale proceeds will be reinvested in our development programme, whichincludes major retail schemes in Bristol and Leicester, and an expansionprogramme at Parinor, the second largest shopping centre in the Ile-de-Franceregion of France." For further information: John Richards, Chief Executive Tel: 020 7887 1000 Christopher Smith, Director of Corporate Affairs Tel: 020 7887 1019 [email protected] This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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