UK REIT Hammerson has exchanged contracts to sell its interest in Grand Maine shopping centre to the southwest of Angers in France, to an unnamed French institutional investor for a net vendor price of €63.2 mln.

UK REIT Hammerson has exchanged contracts to sell its interest in Grand Maine shopping centre to the southwest of Angers in France, to an unnamed French institutional investor for a net vendor price of €63.2 mln.

Grand Maine comprises 8,600 m2 of retail space with 57 units over two levels, and is adjacent to a large Carrefour supermarket. The centre was refurbished by Hammerson in 2013 and has an occupancy of 95%, generating gross rental income of €3.3 mln.

'Since we acquired Grand Maine in 2007, we have introduced a number of new brands and renovated the interior to improve the design and façade of the centre,' commented David Atkins, Chief Executive of Hammerson. 'This disposal, along with the recent sale of Bercy 2, Paris, represent an opportunity to take advantage of strong investor demand for retail real estate assets and achieve good pricing ahead of book value. '

Atkins said the company 'continues to actively manage our portfolio in France to create a platform of leading retail destinations, recycling proceeds and investing into well-positioned new schemes such as the new development at Beauvais, which is due to open in November of this year'.

Hammerson was advised on the transaction by JLL.

The transaction is expected to complete at the end of Q3 2015.