Disposal of further 24% interest in O'Parinor
Friday 28 October 2011
Disposal of further 24% interest in O'Parinor shopping centre, Paris
- Rockspring client's stake in major Paris shopping centre increases to 75% -
Hammerson confirms that it has agreed to exercise the option to sell a further 24% interest in O'Parinor shopping centre, Aulnay-sous-Bois, near Paris to a client of Rockspring Property Investment Managers LLP ("Rockspring"). The sale was envisaged following the original disposal last year of a 51% stake in the property.
As stated in the original announcement of 19 August 2010, this sale was based on the valuation at that time and Hammerson's net proceeds from the sale are €106 million. The sale takes Rockspring's client's stake in the centre to 75%. In addition, the recently signed non-recourse credit facility for O'Parinor was drawn, raising an additional €54 million, taking Hammerson's net receipts to €160 million.
The centre, held in co-ownership with Carrefour and Redevco, was originally acquired by Hammerson in 2002. The Company completed a 24,000 m² extension and development in 2008, taking the total size of the centre to 90,000 m².
Principal occupiers include Fnac, Go Sport and Darty with the extension accommodating international brands including Toys R Us, Boulanger and Guess. Hammerson has retained the asset management role for the joint venture, and there are a number of specific plans in place to improve footfall and sales within the centre, including the renovation of the original mall.
The disposal is in line with Hammerson's strategy to realise value, and release capital for investment opportunities in the UK and France which offer superior returns.
David Atkins, Chief Executive of Hammerson, said:
"I'm pleased to have completed the sale of the second stake in O'Parinor as expected, which, combined with the announced credit facility, brings further liquidity into our business. However, we retain a significant interest in the centre, and are progressing with plans to refresh its offer to tenants and consumers."
Robert Gilchrist, Chief Executive of Rockspring, said:
"We are pleased to conclude the planned second phase of our client's acquisition of this key super-regional shopping centre. The various initiatives and plans that we have developed with Hammerson since the initial purchase last year provide an exciting foundation for further enhancing the tenant mix and the attraction of the centre to shoppers."
Further information:
Hammerson
|
David Atkins, Chief Executive |
Tel: +44 (0) 20 7887 1000 |
|
Simon Betty, Investor Relations Manager
|
Tel: +44 (0) 20 7887 1077 simon.betty@hammerson.com |
|
Rockspring |
Financial Dynamics |
|
Rebecca Bousfield |
Stephanie Highett / Laurence Jones |
|
Tel: 020 7761 3300 |
Tel: 020 7831 3113 |
Notes to editors
Rockspring Property Investment Managers LLP is a professional investment fiduciary specialising in the acquisition and management of commercial property throughout the UK and continental Europe on behalf of major institutional clients - either directly for single-client accounts or through the Group's series of tax-efficient, co-mingled investment funds. Rockspring is authorised and regulated by the FSA.
Fully independent and 100% owned by its Partners and employees, Rockspring is headquartered in London and has a network of offices in Amsterdam, Berlin, Brussels, Budapest, Madrid and Paris. Its Executive Board includes Richard Plummer (Chairman), Robert Gilchrist (Chief Executive), Edmund Craston (Managing Director) and Ian Baker (Partner - Finance).
2011 marks the 27th anniversary of Rockspring's establishment by founder and Chairman, Richard Plummer.
As of June 2011 Rockspring had gross assets of €7.4 billion in funds under management and undrawn commitments. It represents a diverse client base including the Rockspring Hanover Property Unit Trust, the Rockspring PanEuropean Property Limited Partnership, Rockspring TransEuropean II, III & IV, The Industrial Trust, Retail Plus, The Rockspring German Box Fund, The Rockspring Portuguese Property Partnership, Rockspring Total Europe, Rockspring UK Value Fund and single client mandates. Rockspring's property assets are currently located in the UK and 13 other European countries.
For further information, please visit www.rockspringpim.com
This information is provided by RNS
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