Hammerson is acquiring a 75% stake in Saint Sebastien shopping centre in Nancy, France for £109m, equivalent to an initial yield of 6%. Recent rent deals have been agreed at a 10% uplift.
Hammerson hopes to create significant value by renovating the centre, introducing a dedicated restaurant area and refreshing the tenant mix.
The centre, in central Nancy, covers 24,000 sqm with 105 shops and restaurants and over 1,000 car parking spaces.