# Hammerson completes sale of 75% stake in Italie Deux

- Link: https://www.directorstalkinterviews.com/hammerson-completes-sale-of-75-stake-in-italie-deux/412800682
- Published: 2019-12-12T07:39:31+00:00
- Author: Giles Arbor

**Hammerson plc** (LON: HMSO) has today announced that, following the clearing of
the City of Paris pre-emption right, it has completed the sale of the 75% stake 
in the Parisian shopping destination Italie Deux to AXA Investment Managers – Real
Assets for €430m (£362m)*. As previously announced in July 2019, the forward sale
of 75% of the Italik extension for an additional €43m is expected to complete in
early 2022, 18 months after the opening of the development.

The transaction represented a net initial yield of 4.1% on Italie Deux. The total
sale price reflects an 8.5% discount to December 2018 book value and is marginally
below end of June 2019 book value.

Italie Deux is located on the left bank of Paris and provides a unique mix of retail,
leisure and cultural space. Welcoming over 12m visitors a year, leading brands within
the flagship destination include Printemps, Fnac, Zara, Sephora and Carrefour. A
1,000-seat theatre, Le 13ème Art, opened in the centre in September 2017, offering
a new cultural scene in Paris. A partnership has recently been signed with one of
the main theatres in Paris, le Théâtre de la Ville.

The proceeds will be used to reduce debt and strengthen the Hammerson plc balance
sheet.

*Translated at closing exchange rate on 11 December 2019 of £1:€1.189

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