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Hammerson sells 24% stake after sales negotiations

The developer Hammerson has sold a 24 per cent stake in a French shopping centre.

28 October 2011

Hammerson has agreed to sell 24 per cent of its share in the O'Parinor shopping centre near Paris.

The developer may have used merger and acquisition consultants to seal the deal and it will net €106 million (£93 million) from the transaction.

A client of Rockspring Property Investment Managers is behind the move and it is the same company that took a 51 per cent stake from Hammerson last year.

David Atkins, chief executive of Hammerson - which is listed in the FTSE 100 - stated: "I'm pleased to have completed the sale of the second stake in O'Parinor as expected, which, combined with the announced credit facility, brings further liquidity into our business."

Mr Atkins continued by saying his organisation will still retain a keen interest in what happens at the location.

Robert Gilchrist, chief executive of Rockspring, stated he is glad to conclude the second part of the deal.

Posted by Ken Hayes

Source: Hammerson press release, October 28th

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