Hammerson sells 75% stake in Parisian shopping center

Hammerson has agreed to sell a 75 percent stake in Italie Deaux, a shopping destination in Paris, to AXA Investment Management – Real Assets on behalf of clients, for £423 million ($523 million).

The deal also includes the forward-sale of 75 percent of a 6,400-square-meter (68,889-square-foot) extension project, which is scheduled to open in September 2020. Hammerson will complete the extension, in addition to other refurbishments, as part of the deal.

Italie Deux is located on the left bank of Paris and provides a unique mix of retail, leisure and cultural space, offering brands such as Printemps, Fnac, Zara, Sephora and Carrefour. The site hosts more than 12 million visitors per year and is already 41 percent pre-leased.

According to Hammerson, the extension will add 1,900 square meters (20,451 square feet) of retail space, 1,800 square meters (19,375 square feet) of food and beverage space, 1,500 square meters (16,145 square feet) of co-working and innovat