UK REIT Hammerson is reportedly considering a bid for the Beaugrenelle shopping centre in central Paris as part of plans to increase its exposure to the French retail property market.
UK REIT Hammerson is reportedly considering a bid for the Beaugrenelle shopping centre in central Paris as part of plans to increase its exposure to the French retail property market.
'It’s a large new shopping centre in central Paris and these opportunities don’t come along too often,' Chief Executive Officer David Atkins told Bloomberg in an interview.
Landlord Gecina announced in July that it intended to sell the 45,000 m2 mall in the medium term. Gecina, which owns a 75% interest in the mall, has hired banks Morgan Stanley, CACIB et HSBC to sell the scheme which could fetch as much as €800 mln.
The asset had a development cost of some €450 mln. A partnership of Foncière Euris, Apsys and Paris Orléans owns the remaining 25% of the scheme.
