Hammerson has completed the sale of its 25% stake in the Italie Deux shopping centre in Paris.
The share of the 665,000 sq ft shopping centre and 100% of the 70,000 sq ft Italik extension were sold to Ikea’s Ingka Centres for €164m (£144m).
This represents a 4% discount to the December 2022 book value and a net equivalent yield of 5%.
Hammerson said the exit marked “the continued progress in the simplification of the company’s portfolio”. The proceeds will be used to strengthen the balance sheet and reduce net debt.
Together with £195m of disposals completed in 2022, Hammerson has achieved £360m of its commitment to dispose of £500m of assets by the end of 2023.
Ingka said it has also bought high-street extension ItaliK, and neighbouring office complex Apollo. It will refurbish the location to incorporate the office aspect and provide some 194,000 sq ft of modern workspace, across nine levels.
Cindy Andersen, managing director of Ingka Centres, said: “Vibrant leisure and retail spaces close to the workplace are now seen as an essential element of the employer offer. We’re excited to bring Apollo, Italie Deux and ItaliK together as a united space for Parisiens to shop, work, and play and enjoy everyday life in sustainable ways.”
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