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.”

More news
The latest news from Real Estate Investment Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
EPIC warehouse acquisition in the pipeline
20 November 2017 | London | Reporter: Stephanie Palmer
Ediston Property Investment Company (EPIC) is set to acquire four retail warehouse parks in the UK from Stadium Group, for £144 million
HFF delivers $288.8 million loan for resi project
17 November 2017 | San Jose, California | Reporter: Theo Andrew
HFF has secured $288.8 million of construction financing for two luxury residential towers in San Jose, California
CBRE Capital Advisors chosen for £100 million fund
16 November 2017 | Belfast | Reporter: Theo Andrew
The Northern Ireland fund will provide debt finance for real estate, regeneration, low carbon and infrastructure projects. It has been appointed on a 15 year mandate
AXA IM - Real Assets hit final close on logistics club
15 November 2017 | London | Reporter: Theo Andrew
The fund, which seeks to invest in 1 million square metres of logistics developments across Europe, raised the equity commitments from four international institutional investors
LaSalle names European head in business restructure
14 November 2017 | Paris | Reporter: Theo Andrew
Karim Habra was previously head of France for LaSalle, and his appointment replaces the firm’s previous structure of naming country heads for Europe
L&G settles on UK retirement villages for £102 million
14 November 2017 | London | Reporter: Theo Andrew
The portfolio, not yet fully developed, will comprise of 694 units, located in Liphook in Hampshire; Faygate in West Sussex; Exeter in Devon; and Great Alne in Warwickshire
Patrizia acquires German-based Triuva
13 November 2017 | Berlin | Reporter: Theo Andrew
Triuva had AUM of approximately €9.8 billion, meaning the deal, for an undisclosed price, places Patrizia in the top 10 European investment managers