4th Sep 2007 07:02
Hammerson PLC04 September 2007 Acquisition of Shopping Centre in Angers, France for £44 million Hammerson has exchanged contracts to acquire an interest in Grand Maine, a22,000 m(2) shopping centre in Angers, Maine et Loire, for a total considerationincluding costs of £44 million (€66 million). The vendor is Locasic, a privateproperty company. Following completion of the transaction by October 2007, Hammerson will own the9,000 m(2) shopping gallery and an 800 m(2) adjacent plot of land representing a31% interest in the co- ownership. The scheme is anchored by a 10,800 m(2)hypermarket owned by Carrefour, which has a 60% interest in the co-ownership.The balance is held by occupiers of the office element of the complex. Built in 1983, the centre is located in the Lac de Maine area on the edge ofAngers city centre and is a short distance from the A11 motorway between Parisand Nantes. Around 315,000 people live within a 20-minute drive of the centre,with around 40% of the immediate local population under the age of 30. The 62 units in the shopping gallery generate a net rental income of £1.9million (€2.8 million) and the scheme is 24% reversionary. Occupiers includeclothing and lifestyle retailers such as Celio, Promod, Camaieu and Intersport. John Richards, Chief Executive said: "Following the successful sale of 9 place Vendome, Paris, we are delighted to beable to announce another acquisition in France. Hammerson has identified severalopportunities for value creation at Grand Maine, including more activemanagement of the existing gallery and a potential major extension to thecentre." Enquiries:John Richards, Chief Executive Tel: 020 7887 1000 Tel: 00 33 1 5669 3000 Gerard Devaux, Managing Director, Continental Europe Tel: 020 7887 1019Christopher Smith, Director of Corporate Affairs [email protected] Notes to Editors Hammerson plc Hammerson plc is a leading European REIT (LSE: HMSO). Established over 50 yearsago, the group has operations in the UK and France. Its high quality real estateportfolio provides approximately 1,300,000 m(2) of retail space and 275,000 m(2)of prime offices and is valued at over £7 billion. The group is currentlycarrying out six major developments at a total cost of nearly£1 billion and has a potential future development pipeline of £5 billion. For more information visit: www.hammerson.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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