KOREA/FRANCE - Hammerson has agreed to sell 51% of its interest in a Paris shopping centre to the National Pension Service of Korea (NPS) for €217m ($278m).
Under the deal, which was rumoured earlier this week, NPS will have the opportunity to purchase a further 24% interest in Autumn 2011 from Hammerson for an estimated €106m.
The O'Parinor shopping centre was valued at €432m as of 30 June, 2010 and had passing rents of €24.5m. Net income from the property in 2009 was €21.8m. Hammerson will retain the asset management role for the new joint venture. NPS was advised by Rockspring Property Investment Managers.
Hee Seok Kim, head of global investment at NPS, said: "This transaction is in line with our strategy of investing in high quality global real estate.
"Working alongside Rockspring, we are very pleased to be creating a new joint venture partnership with Hammerson, one of Europe's foremost managers of retail property."
Hammerson chief executive David Atkins added: "We are very pleased to be partnering with NPS on this transaction and the ongoing management role will allow us to enhance the income from our retained stake."
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