Paris shopping centre sold

Hammerson plc has announced that it has exchanged contracts to sell its interest in Bercy 2 shopping centre in Charenton-Le-Pont, Paris, to Tikehau Capital Partners for €64 million (£47 million), ahead of the 31 December 2014 book value.

Located in the South East region of Paris, the 35,200m2 centre (of which Hammerson's ownership is 20,200 m2) has 70 retail units and is anchored by Carrefour and Darty. The gross passing rent before operating costs is €4.6 million.

David Atkins, Chief Executive of Hammerson, said: "This transaction is in line with our strategy of actively managing our portfolio in France to create a platform of leading retail destinations. We continue to evaluate selected disposals and recycle capital into those assets and developments which are best positioned to deliver value creation for our shareholders. We are pleased to have capitalised on good investor demand to secure a sale above book value.”

Hammerson was advised on the transaction, which is expected to complete in Q3 2015, by BNP Paribas Real Estate.