Hammerson completes acquisition of Paris shopping centre
Source - SMW
Hammerson confirmed that the Company has completed the acquisition of the Cergy 3 shopping centre in Paris for EUR 81m (£72m) from a private vendor.
The Company commented:
"This acquisition of the adjoining Cergy 3 centre strengthens Hammerson's investment by increasing the scale of the retail platform and growing catchment share. It also supports an enhanced customer experience by providing the opportunity to manage leasing and consumer initiatives across both adjoining sites.
"Les Trois Fontaines is trading well, in particular benefiting from a recent refurbishment. Hammerson is progressing with plans for a 33,000 square metre extension of its centre alongside a wider project by the city authorities in Cergy Pontoise. The proposed extension would take the total retail space to over 95,000 square metres with 3,700 car park spaces, 230 stores and an attractive restaurant and leisure offer to create one of the leading retail centres in the Paris region.
"The extension plans are supported by the co-owners, Auchan hypermarket, and the city authorities. Building permits and retail consents have been obtained, a contractor has been selected and pre-letting is progressing well to be in a position to start in 2018.
"Cergy 3 is anchored by FNAC and has 46 units let to retailers and restaurants including Grande Recre and Foot Locker producing EUR 3.2 million (£2.8 million) of rental income. Asset management initiatives have been identified as part of the extension project to create additional value."
At 12:59pm: (LON:HMSO) Hammerson PLC share price was -1.75p at 540.75p