Hammerson has exchanged contracts to acquire an interest in Grand Maine, a 22,000-m² shopping center in Angers, Maine et Loire, for a total consideration including costs of £44 million (€66m). The vendor is Locasic, a private property company.
Following completion of the transaction by October 2007, Hammerson will own the 9,000-m² shopping gallery and an 800-m² adjacent plot of land representing a 31% interest in the co-ownership. The scheme is anchored by a 10,800-m² hypermarket owned by Carrefour, which has a 60% interest in the co-ownership. The balance is held by occupiers of the office element of the complex.
Built in 1983, the center is located in the Lac de Maine area on the edge of Angers city center and is a short distance from the A11 motorway between Paris and Nantes. Around 315,000 people live within a 20-minute drive of the center, with around 40% of the immediate local population under the age of 30.
The 62 units in the shopping gallery generate a net rental income of £1.9 million (€2.8 million) and the scheme is 24% reversionary. Occupiers include clothing and lifestyle retailers such as Celio, Promod, Camaïeu and Intersport.
John Richards, Chief Executive of Hammerson, said, "Following the successful sale of 9 place Vendôme, Paris, we are delighted to be able to announce another acquisition in France. Hammerson has identified several opportunities for value creation at Grand Maine, including more active management of the existing gallery and a potential major extension to the center."