Hammerson completes sale of 51% of O'Parinor

UK REIT Hammerson plc has completed the disposal of a 51% interest in O'Parinor, Aulnay-sous-Bois, near Paris to the National Pension Service of Korea (NPS).

Hammerson received proceeds of EUR 217 mln.

In August this year Hammerson exchanged conditional contracts to sell the interest to NPS, which was advised by Rockspring Property Investment Managers. NPS and Hammerson agreed that NPS can purchase, and Hammerson can sell, a further 24% interest in autumn 2011 at a price based on the same valuation of the centre.

The centre, held in co-ownership with Carrefour and Redevco, was originally acquired by Hammerson in 2002. The company completed a 24,000 m² extension and development in 2008, taking the total size of the centre to 90,000 m². Principal occupiers include Fnac, Go Sport and H&M, with the extension accommodating international brands such as Esprit, Saturn and Guess.