Hammerson announced that it has exchanged contracts to sell its interest in Grand Maine shopping centre situated to the south west of Angers, to a leading French institutional investor for a net vendor price of €63.2 million (approx. £45.3 million).
Grand Maine comprises 8,600m² 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 is well let with occupancy of 95%, generating gross rental income of €3.3 million (approx. £2.4 million).
David Atkins, Chief Executive of Hammerson, said: "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. 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. We continue 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 our new development at Beauvais, which is due to open in November of this year."