Hammerson sells French shopping centre for €63.2m

Hammerson has agreed to sell its interest in the Grand Maine shopping centre situated to the south west of Angers in France to a French institutional investor for €63.2m.

Grand Maine comprises 8,600 square metres of retail space with 57 units over two levels and is adjacent to a large Carrefour supermarket.

The centre was refurbished by Hammerson I 2103, has 95% occupancy and generates gross rental income of €3.3m.

Chief executive David Atkins said: “This disposal, along with the recent sale of Bercy 2, Paris, represent an opportunity to take advantage of strong investor demand for retail real estate assets and achieve good pricing ahead of book value.

"We continue to actively manage our portfolio in France to create a platform of leading retail destinations, recycling proceeds and investing into well positioned new schemes such as our new development at Beauvais, which is due to open in November of this year.”