19 October 2017
Reporter: Theo Andrew

Hammerson expands flagship Parisian shopping centre

Hammerson has acquired Clergy 3, a shopping centre in Paris, for €81 million.

The 11,000-square metre property adjoins its Les Trois Fontaines centre, the firm’s recently refurbished flagship asset in Paris.

Anchored by FNAC, a large french retail chain, the 46-unit asset generates €3.2 million of rental income with other retailers, including Grande Récré and Foot Locker.

According to Hammerson, research is underway in an attempt to create additional value by managing leasing in customer initiatives across both sites.

The FTSE 100 asset manager is pressing ahead with a 33,000-square metre extension of its Les Trois Fontaines centre in partnership with co-owner Auchan Hypermarket, taking its retail space to over 95,000 square metres and 230 stores.

David Atkins, CEO of Hammerson, said: “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.”

He added: “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.”

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