Hammerson has announced that it has exchanged contracts to sell its interest in Grand Maine shopping centre located south west of Angers. The buyer is a leading French institutional investor, who has paid €63.2 million (£45.3 million) for the asset.
The two-level shopping centre comprises 57 units offering a total of 8,600 sq m (92,569 sq ft) in retail space, adjacent to a large Carrefour supermarket.
The centre was renovated by Hammerson two years ago and has an occupancy rate of 95 per cent, generating a gross rental income of €3.3 million (£2.4 million).
David Atkins, Hammerson’s Chief Executive stated recently, “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.
“We continue to actively manage our portfolio in France to create a platform of leading retail destinations, recycling proceeds and investing into well positioned new schemes such as our new development at Beauvais, which is due to open in November of this year.”
Hammerson owns and develops retail destinations throughout Europe, and its £7.7 billion portfolio includes 20 prime shopping centres.
Jones Lang LaSalle advised Hammerson on the Grand Maine disposal, which is expected to be concluded at the end of the third quarter of this year.
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