(Alliance News) - Hammerson PLC is on track to dispose of its joint ventures in France as part of its drive to shed its non-core assets, Sky News reported on Thursday.
According to one person "close to the situation", Hammerson has decided to sell its 25% holding in the Espace St Quentin retail mall in Montigny-le-Bretonneux and a 10% interest in the Nicetoile shopping mall in Nice.
German insurer Allianz SE, which own a majority stake in both assets, is said to be the likeliest buyer of Hammerson' interest in the two ventures.
The disposals are expected to be announced alongside Hammerson's annual results on Friday.
However, the person said Hammerson will keep a presence in France through the ownership of other assets where the company has more of an influence.
https://news.sky.com/story/hammerson-bids-au-revoir-to-french-joint-ventures-as-crisis-reshapes-balance-sheet-12243131
Shares in Hammerson closed 1.8% higher at 32.63 pence on Thursday in London, while its Johannesburg shares were up 0.6% at ZAR6.72.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Hammerson (HMSO)