Hammerson offloads Paris shopping centre interests for €164m

3rd Apr 2023 07:03

(Sharecast News) - Hammerson said it had sold its 25% stake in Italie Deux, a shopping centre in central Paris, and all of a separate extension for €164m to IKEA owner Ingka Centres.

This sale represents a 4% discount to December 31 book value and a net equivalent yield of 5.0%, Hammerson said, adding that the cash would be used to strengthen its balance sheet and reduce net debt.

Together with the £195m of disposals completed in 2022, the group has generated total proceeds of £360m towards its target of £500m by the end of this year.

Reporting by Frank Prenesti for Sharecast.com