Hammerson bought the site in 1994 and the 138,000 sf of retail space was completed in 2000. Prior to completion, all of the space was let on 12-year leases to department store operator Galeries Lafayette and the fashion retailers H&M and Burton.
Hammerson Chief Executive John Richards said: 'This transaction demonstrates the continuing strength of the Paris property investment market and the strong interest from international investors. It enables us to crystallise a substantial development profit and will provide funds for the group's development programme.'
Hammerson's parisian activities are now concentrated on the 335,000-sf office redevelopment at 14 boulevard Haussmann. The site was bought earlier this year for €175 million ($162 million). Overall, French property accounts for 23% of Hammerson's total portfolio. Hammerson was advised by Jones Lang LaSalle.
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