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Hammerson Buys Paris Office Scheme

PARIS-Hammerson has bought a 50% interest in a major Paris development site for FFr140

By Graham Parker | Updated on June 14, 2001

PARIS-Hammerson has bought a 50% interest in a major Paris development site for FFr140million ($18.63 million) from the French insurance company, MAAF Assurances.

The 118,000 sf mixed use building has frontages onto place de l’Opera, boulevard des Capucines and rue du Quatre Septembre in the deuxiemearrondissement. The existing property generates rentalincome of FFr12.6 million ($1.67 million) per annum.

The two partners propose to redevelop the buildings behind the existingfacade to create approximately 37,700 sf of high quality retail space on threelevels and some 43,000 sf of modern, high specification office accommodationon five levels. The plans also incorporate 32,300 sf of residential units and55 car parking spaces.

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