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Hammerson sells Strasbourg shopping center to LaSalle Investment Management
Transactions - NOVEMBER 22, 2017

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Hammerson sells Strasbourg shopping center to LaSalle Investment Management

by Andrea Waitrovich

Hammerson has exchanged contracts for the sale of its share (64.5 percent) of Place des Halles shopping center in Strasbourg, France.

LaSalle Investment Management will purchase the center from Hammerson and its co-owner, on behalf of funds under management, for a total net vendor price (100 percent) of €291 million ($342 million).

Centrally located in Strasbourg, Place des Halles is a prime regional shopping center totaling 448,000 square feet and comprising 120 stores and restaurants. The center benefits from strong transport links and attracts 10 million shoppers per year. The asset generates an annual headline rent of €14.3 million ($16.8 million).

Hammerson has undertaken several recent asset management initiatives to improve the quality of the center, including a full mall refurbishment and the creation of new MSU units including the largest Zara flagship store in the East of France. Remodelling of the exterior façade began in 2017.

Completion

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