Hammerson completes acquisition of French shopping centre

Hammerson has completed the acquisition of a French shopping centre for €81m (£72m) from a private vendor.

The company has bought the Cergy 3 centre adjoining its centre Les Trois Fontaines, Cergy Pontoise, which it said is “the leading shopping destination” for the Val d'Oise region of Paris and one of its flagship assets in France.

Hammerson said the acquisition strengthens its investment by increasing the scale of the retail platform and growing catchment share.

Cergy 3 is anchored by FNAC and has 46 units let to retailers and restaurants including Grande Récré and Foot Locker, generating €3.2m (£2.8m) of rental income. Asset management initiatives have been identified as part of the extension project to create additional value.

Chief executive officer David Atkins said: "The purchase of Cergy 3 strengthens our retail presence in the affluent Western catchment of Paris adding to the scale of Les Trois Fontaines, which trades amongst the top French shopping centres. It allows us to manage all leasing and ensure a consistent quality across the whole centre.

“The future development of Les Trois Fontaines provides the opportunity to further enhance one of Hammerson's flagship retail schemes in France adding new international fashion operators and increased dining and leisure."

At 1215 BST, the shares were up 0.2% to 543.66p.