Hammerson confirms that it has agreed to exercise the option to sell a further 24% interest in O'Parinor shopping centre, Aulnay-sous-Bois, near Paris to a client of Rockspring Property Investment Managers LLP ("Rockspring"). The sale was envisaged following the original disposal last year of a 51% stake in the property.
As stated in the original announcement of 19 August 2010, this sale was based on the valuation at that time and Hammerson's net proceeds from the sale are €106 million. The sale takes Rockspring's client's stake in the centre to 75%. In addition, the recently signed non-recourse credit facility for O'Parinor was drawn, raising an additional €54 million, taking Hammerson's net receipts to €160 million.
The disposal is in line with Hammerson's strategy to realise value, and release capital for investment opportunities in the UK and France which offer superior returns.
The centre, held in co-ownership with Carrefour and Redevco, was originally acquired by Hammerson in 2002. The Company completed a 24,000 m² extension and development in 2008, taking the total size of the centre to 90,000 m².
