Hammerson Plc agreed to sell its majority stake in Saint Sébastien shopping center in Nancy, northeast France, for €162 million.
AEW Ciloger is purchasing the interest on behalf of SCPI Laffite Pierre and Actipierre Europe.
Hammerson's stake, which represents 75% of the 24,000-square-meter gross lettable area, is being sold "moderately" below its June 30 book value, according to a release.
Saint Sébastien houses 105 retailers, with key anchors that include Monoprix, Intersport, C&A and Sephora. It is 95% occupied and generates €8 million in annual passing rent.
Hammerson paid €130 million to acquire the interest in the shopping center in 2014 and carried out a renovation project with a €12 million investment in 2016.
The deal will close before 2017-end, subject to customary conditions.
