Hammerson goes shopping in Paris


Hammerson goes shopping in Paris

Published Date: 2017-10-20 | Source: Stephen Gunnion | Author: Stephen Gunnion

Hammerson goes shopping in Paris

It says Cergy 3 will provide it with £2.8 million in rental income.

European shopping centre owner Hammerson has bought the 11 000m² Cergy 3 shopping centre next door to its Les Trois Fontaines centre north of Paris for £72 million. It says Les Trois Fontaines is a leading shopping destination for the Val d'Oise region and buying the adjoining Cergy 3 centre strengthens its investment by increasing the scale of its retail platform and growing catchment share. It will also be able to manage leasing and customer initiatives across both sites.

Hammerson says Les Trois Fontaines is trading well, benefiting from a recent refurbishment. The group is now progressing with plans for a 33 000m² extension which will take total retail space to over 95 000m², with 230 stores. It says the extensions plans are supported by co-owners Auchan Hypermarket and the city authorities. Creepy 3 will add 46 units lets to retailers and restaurants, producing £2.8 million in rental income.

Hammerson took a secondary listing on the JSE a year ago due to growing demand for offshore property investments and to give it access to a wider pool of international capital.

Its shares shed 0.5% yesterday to end trade at R96.13.

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