Hammerson completes sale of major stake in Parisian shopping centre
Dec 12, 2019
British property developer Hammerson has completed its sale of a 75% stake in Parisian shopping destination Italie Deux to AXA Investment Managers - Real Assets for €430m (£362m).
The mall, located on the left bank of Paris, is home to leading fashion and beauty brands including Printemps, Zara and Sephora, and features a 1,000-seat theatre Le 13ème Art, which opened in September 2017.
Italie Deux welcomes 2 million visitors a year and Hammerson said it would sell the stake back in the summer.
The sale is part of Hammerson’s plan to raise £500m via a series of disposals in a bid to reduce its debt pile and strengthen its balance sheet.
AXA IM - Real Assets has also agreed to buy 75% of a 6,400 sq mt extension for a total of €43m. The sale is expected to complete in early 2022, 18 months after the extension opens.
The transaction builds on the successful collaboration of companies following a first partnership at Cabot Circus, UK in 2014. As with the existing joint venture in Bristol, Hammerson will continue to manage the French flagship destination.
So far this year, Hammerson has raised £456m through asset disposals, reaching over 90% of its £500m target. Among the properties offloaded throughout last year and the first half of this year are a string of UK retail destinations such as Battery Retail Park, Birmingham and Wrekin Retail Park, Telford and Imperial Retail Park, Bristol.
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