Hammerson PLC Acquisition of Cergy 3 shopping centre, France (0960U)
October 19 2017 - 6:00AM
UK Regulatory
TIDMHMSO
RNS Number : 0960U
Hammerson PLC
19 October 2017
Hammerson plc
Acquisition
19 October 2017
Acquisition of Cergy 3 shopping centre, France
Hammerson plc ("Hammerson") announces that it has completed the
acquisition of the 11,000m(2) shopping centre Cergy 3 adjoining its
centre Les Trois Fontaines, Cergy Pontoise, Paris for EUR 81
million (GBP72 million) from a private vendor.
Les Trois Fontaines is established as the leading shopping
destination for the Val d'Oise region of Paris and is one of
Hammerson's flagship assets in France. This acquisition of the
adjoining Cergy 3 centre strengthens Hammerson's investment by
increasing the scale of the retail platform and growing catchment
share. It also supports an enhanced customer experience by
providing the opportunity to manage leasing and consumer
initiatives across both adjoining sites.
Les Trois Fontaines is trading well, in particular benefiting
from a recent refurbishment. Hammerson is progressing with plans
for a 33,000m(2) extension of its centre alongside a wider project
by the city authorities in Cergy Pontoise. The proposed extension
would take the total retail space to over 95,000m(2) with 3,700 car
park spaces, 230 stores and an attractive restaurant and leisure
offer to create one of the leading retail centres in the Paris
region. The extension plans are supported by the co-owners, Auchan
hypermarket, and the city authorities. Building permits and retail
consents have been obtained, a contractor has been selected and
pre-letting is progressing well to be in a position to start in
2018.
Cergy 3 is anchored by FNAC and has 46 units let to retailers
and restaurants including Grande Récré and Foot Locker producing
EUR 3.2 million (GBP2.8 million) of rental income. Asset management
initiatives have been identified as part of the extension project
to create additional value.
David Atkins, Hammerson CEO, commented:
"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."
ENDS
For further information:
Hammerson
David Atkins, CEO
Tel: 020 7887 1000
Rebecca Patton, Head of Investor Relations
Tel: 020 7887 1109
Lindsay Dunford, Head of Corporate Communications
Tel: 020 7887 1115
Note: the announcement above has also been released on the SENS
system of the Johannesburg Stock Exchange.
Notes to Editors
Hammerson is a FTSE 100 owner, manager and developer of retail
destinations in Europe. Our portfolio of high-quality retail
property has a value of around GBP10.5 billion and includes 23
prime shopping centres, 17 convenient retail parks and investments
in 20 premium outlet villages, through our partnership with Value
Retail and the VIA Outlets joint venture. Key investments include
Bullring, Birmingham, Bicester Village, Dundrum Town Centre, Dublin
and Les Terrasses du Port, Marseille.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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