31st May 2006 09:41
Hammerson PLC31 May 2006 Sale of 4, place de l'Opera Hammerson has exchanged contracts to sell its 50% interest in 4, place del'Opera, Paris 2eme, through the disposal of its shares in the venture, to itspartner FOSCA, an investment fund managed by OFI REIM and F&C. The totalconsideration is €39.7 million (£27.1 million), slightly below book value. FOSCA, which was initially set up by MAAF Assurances, now owns 100% of theshares in the entity which holds 4, place de l'Opera. The 50/50 joint venturebetween Hammerson and FOSCA was set up in April 2001 to carry out a developmentof the site. Hammerson, as development manager, created plans for a 10,300 m(2)mixed-use, office-led development, known as Opera Capucines. Commenting on the transaction, John Richards, Chief Executive, said: " Hammerson has added significant value to this project in the pre-developmentphase. The Company is pleased to have agreed a sale of its interest in thedevelopment to its joint venture partner, FOSCA." 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:
Hammerson