UK REIT Hammerson has agreed to exercise its option to sell a further 24% interest in O’Parinor shopping centre, Aulnay-sous-Bois, near Paris to Rockspring Property Investment Managers acting on behalf of Korean pension fund NPS. Hammerson's net proceeds from the sale total EUR 106 mln.
UK REIT Hammerson has agreed to exercise its option to sell a further 24% interest in O’Parinor shopping centre, Aulnay-sous-Bois, near Paris to Rockspring Property Investment Managers acting on behalf of Korean pension fund NPS. Hammerson's net proceeds from the sale total EUR 106 mln.
The move takes NPS's stake in the centre to 75% and follow Hammerson's disposal last year of a 51% stake in the property.
In addition, the recently signed non-recourse credit facility for O’Parinor was drawn, raising an additional EUR 54 mln, taking Hammerson's net receipts to EUR 160 mln.
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.
The disposal is in line with Hammerson's strategy to realise value, and release capital for higher-yielding investment opportunities in the UK and France, the company said.
