Hammerson sells stake in Place des Halles
Shopping centre owner Hammerson has exchanged contracts for the sale of its 64.5% share in the French Place des Halles shopping centre in Strasbourg.
LaSalle Investment Management will purchase the centre from Hammerson and its co-owner for €291 million.
Attracting 10 million shoppers per year, Place des Halles spans 41,600 square metres and has 120 stores and restaurants.
Hammerson has undertaken a range of initiatives to improve the quality of the centre, including a full mall refurbishment. Remodelling of the exterior façade began in 2017.
The sales is expected to complete before the year end.
David Atkins, chief executive of Hammerson, said: "This disposal is in line with our focus on strategic assets in France with value creation potential. We remain committed to reducing leverage ahead of progressing with our development pipeline and we remain confident of achieving our capital recycling strategy this year."
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