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Hammerson, partner selling French retail asset to LaSalle for €291M

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Hammerson, partner selling French retail asset to LaSalle for €291M

LaSalle Investment Management Inc. is buying the Place des Halles shopping center in Strasbourg, France, from Hammerson Plc and a co-owner for €291 million.

Hammerson signed an agreement to divest its 64.5% stake in the asset, which will be sold for slightly above its June 30 book value. The 41,600-square-meter shopping center, which generates yearly footfall of 10 million shoppers, contains 120 stores and restaurants, and produces €14.3 million in annual headline rent.

The deal is expected to close before the end of 2017, subject to customary conditions. A small portion of the proceeds from the sale are subject to a guarantee on standard leasing talks being held at the time of transaction.