Hammerson Sells 75% Interest In Espace Saint Quentin

17th Jun 2010 07:19

LONDON (Dow Jones)--Hammerson PLC (HMSO.LN), said Thursday that it has exchanged conditional contracts to sell a 75% interest in the Espace Saint Quentin shopping centre, Saint Quentin-en-Yvelines near Paris, to Allianz Real Estate GmbH. MAIN FACTS: -Hammerson will receive proceeds from the sale of the 75% share totalling EUR176 million net of costs, of which EUR3 million is contingent upon the exercise of a purchase option by Allianz in respect of one unit in 2012. -Following completion Espace Saint Quentin will be held in a 75:25 joint venture, and Hammerson will continue to manage the asset. -Completion is expected to take place in October. -Following the sale, Hammerson's annual net income, comprising rental income and management fees, is estimated at EUR4.7 million. -The valuation of Espace Saint Quentin at Dec. 31 2009 was EUR239 million, at which time passing rents were EUR14.3 million. Net income from the property in 2009 was EUR13.5 million. Shares closed Wednesday at 367.30 pence. -By Razak Musah Baba, Dow Jones Newswires; +44-20-7842-9275; [email protected] (END) Dow Jones Newswires June 17, 2010 02:19 ET (06:19 GMT)