U.K.-based retail real estate investment trust Hammerson PLC completed the sale of a 75% stake in the Italie Deux shopping center in Paris to Axa Investment Managers - Real Assets for €430 million.

The transaction represented a net initial yield of 4.1% on Italie Deux, with the total sale price reflecting an 8.5% discount to December 2018 book value.

The deal includes a forward sale of 75% of the 6,400-square-meter Italik extension for an additional €43 million. That sale is expected to complete in early 2022.

Hammerson will use the proceeds to reduce debt and strengthen its balance sheet.