Last checked at 12 Dec 2019 07:00
Hammerson plc
12 December 2019
Hammerson completes sale of 75% stake in Italie Deux
Hammerson plc ("Hammerson") today announces that, following the clearing of the City of Paris pre-emption right, it 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 12m 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.
The proceeds will be used to reduce debt and strengthen the balance sheet.
*Translated at closing exchange rate on 11 December 2019 of £1:€1.189
The announcement above has also been released on the SENS system of the Johannesburg Stock Exchange.
Press Contacts
Hammerson
Catrin Sharp, Head of Corporate Communications
Tel: +44 20 7887 1063
Catrin.sharp@hammerson.com
FTI Consulting (for Hammerson)
Dido Laurimore
Tel: +44 20 3727 1000
Dido.Laurimore@FTIConsulting.com
ENDS
Hammerson
Hammerson create vibrant, continually evolving spaces, in and around thriving European cities, with a focus on flagship retail destinations and Premium Outlets. As of 30th June 2019, our portfolio of high-quality venues had a value of £9.5 billion and includes 21 flagship destinations, 12 convenient retail parks and investments in 20 premium outlet villages, through our partnership with Value Retail and the VIA Outlets joint venture. Key retail venues include, Bullring & Grand Central, Birmingham, Bicester Village, Oxfordshire, Freeport Lisboa Fashion Outlet, Lisbon, Dundrum Town Centre, Dublin; and Les Terrasses du Port, Marseille. We manage over 2,000 brand relationships and during trading hours, over 80,000 people visit our shopping centres hourly across our flagship destinations in the UK, France & Ireland.