Hammerson sells Saint Sébastien shopping centre for €162m (FR)

Hammerson sells Saint Sébastien shopping centre for €162m (FR)

Hammerson plc has exchanged contracts for the sale of its ownership in Saint Sébastien shopping centre, Nancy, to AEW Ciloger on behalf of SCPI Laffite Pierre and Actipierre Europe for a net vendor price of 162m (£143m), moderately below 30 June 2017 book value.


Well located in the centre of Nancy, north-east France, Saint Sébastien totals 24,000 m2 GLA, comprises 105 retailers and is 95% let. Key anchors include Monoprix, Intersport, C&A and Sephora. Hammerson’s ownership represents 75% of GLA.


Hammerson acquired its stake in Saint Sébastien in 2014 for €130m (£109m). Since then the centre has benefited from being actively repositioned through a renovation project in 2016, the creation of a number of new retail units, and leasing to lift the quality of the tenant mix. These activities incurred a total capital expenditure of around €12m. The asset generates an annual passing rent of €8m (£7m).


Completion is expected to occur before year-end and is subject to the usual conditions precedent.


David Atkins, CEO Hammerson, commented: “We have successfully repositioned Saint Sébastien and improved the tenant mix through effective asset management and investment, enabling us to recognise a valuation uplift since acquisition. I am also pleased to report that following this sale, we have exceeded our 2017 target of €453.4m (£400m) disposals as part of our capital recycling strategy.”


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