Axa Real Estate Investment Managers (Axa REIM) has announced that one of its funds is selling a 31% stake in the Angers Grand Maine shopping centre for EUR 66 mln. The deal involves a 9,000 m[sup]2[/sup] retail gallery with about 60 retail units providing a net annual rent of EUR 2.8 mln. The transaction reflects a net initial yield of 4.24%. The stake is being sold by the private property company Locasic to Hammerson.
Axa Real Estate Investment Managers (Axa REIM) has announced that one of its funds is selling a 31% stake in the Angers Grand Maine shopping centre for EUR 66 mln. The deal involves a 9,000 m2 retail gallery with about 60 retail units providing a net annual rent of EUR 2.8 mln. The transaction reflects a net initial yield of 4.24%. The stake is being sold by the private property company Locasic to Hammerson.
Opened in 1983, Grand Maine provides a gross lettable area of 22,000 m2 GLA and is located in Angers, Maine et Loire. The scheme is anchored by a 10,800 m2 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. The seller was advised by Jones Lang LaSalle and Perinne.
