NPS Increases Stake in French Shopping Centre
Rockspring Property Investment Managers LLP, on behalf of its client South Korea’s National Pension Service (NPS), has increased its stake in O’Parinor Shopping Centre, a 90,000-square-metre shopping centre near Paris, from real estate developer Hammerson Plc. NPS has increased its 51 percent stake to 75 percent for approximately €106 million.
In 2010, NPS acquired a 51 percent stake in the shopping centre, located in Aulnay-sous-Bois, for about €223 million. At the time of the transaction, the parties agreed that NPS could buy an additional 24 percent interest in the property in autumn 2011 based on the same valuation.
Hammerson redeveloped and extended the shopping centre in September 2008.