LaSalle Investment Management is acquiring Place des Halles shopping centre in Strasbourg, France for €291m.
FTSE 100 listed property group Hammerson said it will sell its 64.5% share in the 41,600sqm asset. LaSalle will also buy the remaining stake from the centre’s co-owner.
Hammerson said the price was slightly above its 30 June 2017 book value. The asset generates an annual headline rent of €14.3m.
David Atkins, CEO Hammerson, said: “This disposal is in line with our focus on strategic assets in France with value creation potential.
“We remain committed to reducing leverage ahead of progressing with our development pipeline and we remain confident of achieving our capital recycling strategy this year.”
The sale is expected to complete before the end of the year.