UK REIT Hammerson has exchanged contracts to sell the Bercy 2 shopping centre in Paris to French investor Tikehau Capital Partners for €64 mln.
UK REIT Hammerson has exchanged contracts to sell the Bercy 2 shopping centre in Paris to French investor Tikehau Capital Partners for €64 mln.
Hammerson said the investment volume exceeds the book value of the asset recorded at end-2014.
Located in Charenton-Le-Pont, a south-eastern region of Paris, the 35,200 m2 centre has 70 retail units and is anchored by Carrefour and Darty. The gross passing rent before operating costs is €4.6 mln. Hammerson owned 20,200 m2 of the leaseable area.
Hammerson CEO David Atkins said: 'This transaction is in line with our strategy of actively managing our portfolio in France to create a platform of leading retail destinations. We continue to evaluate selected disposals and recycle capital into those assets and developments which are best positioned to deliver value creation for our shareholders.'
BNP Paribas Real Estate advised Hammerson in the transaction, which is expected to complete in the third quarter of 2015.