UK REIT Hammerson has sold the Saint Sébastien shopping centre in Nancy to AEW Ciloger on behalf of SCPI Laffite Pierre and Actipierre Europe for €162 mln.
According to the REIT, the price is moderately below 30 June 2017 book value.
'We have successfully repositioned Saint Sébastien and improved the tenant mix through effective asset management and investment, enabling us to recognise a valuation uplift since acquisition. I am also pleased to report that following this sale, we have exceeded our 2017 target of £400 mln disposals as part of our capital recycling strategy,' commented David Atkins, CEO Hammerson.
Located in the centre of Nancy, north-east France, Saint Sébastien totals 24,000 m2 GLA, comprises 105 retailers and is 95% let. Key anchors include Monoprix, Intersport, C&A and Sephora. Hammerson’s ownership represents 75% of GLA.
Hammerson acquired its stake in Saint Sébastien in 2014 for €130 mln and executed a €12 mln renovation project in 2016, creating a number of new retail units. The asset generates an annual passing rent of €8 mln.
Completion is expected to occur before year end and is subject to the usual conditions.
