Hammerson has completed the sale of the 75% stake in the Parisian shopping destination Italie Deux to AXA Investment Managers - Real Assets for €430m (£362m). As previously announced in July 2019, the forward sale of 75% of the Italik extension for an additional €43m is expected to complete in early 2022, 18 months after the opening of the development. The transaction represented a net initial yield of 4.1% on Italie Deux. The total sale price reflects an 8.5% discount to December 2018 book value and is marginally below end of June 2019 book value.
Italie Deux is located on the left bank of Paris and provides a unique mix of retail, leisure and cultural space. Welcoming over 12 million visitors a year, leading brands within the flagship destination include Printemps, Fnac, Zara, Sephora and Carrefour. A 1,000-seat theatre, Le 13ème Art, opened in the centre in September 2017, offering a new cultural scene in Paris. A partnership has recently been signed with one of the main theatres in Paris, le Théâtre de la Ville.
