Wereldhave sells stake in Parinor Shopping Centre (France) to Hammerson

On behalf of Dutch fund Wereldhave, Healey & Baker has sold its 57.5 per cent interest in the Parinor Regional Shopping Centre in Aulay-sous-Bois to the north of Paris to European property developer Hammerson for EUR 148.5 million.

Wereldhave acquired Parinor in 1990. The centre was built in 1974, and then renovated in 1996. It offers around 84,000 sq m of retail space set on two levels, and is anchored by Carrefour, FNAC, Toys R Us and Castorama.

The sale is part of Wereldhave’s strategy to concentrate on the purchase of newly built properties.

Nicolas Verdillon, of Healey & Baker, commented: “The sale of the seventh biggest regional shopping centre in the Ile de France is part of the recent trend of change of ownership of the generation of shopping centres built in France in the 1970s and 1980s.

“Following the sale of Trema’s shopping centre portfolio to Dutch property company Corio at the end of 2001, the sale of Parinor continues to show the interest for an investor of diversifying their investments to include this type of asset, which is often less dependent on the state of the general property market as well as on the economy.”

(source: Healey & Baker, Wereldhave)

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