In Leicester, Hammerson will hold a 60% stake in the limited partnership with Hermes, which previously owned the mall 50:50 with Haslemere, the UK arm of the Dutch investor Rodamco. Hammerson will be responsible for managing the property and taking forward proposals for a 375,000-sf mixed use extension.
The Shires was built in 1991 and extended in 1994. It produces annual rents of £11.5 million, although Hammerson puts the current rental value at £13.5 million. The a fully enclosed two level shopping centre is anchored by 153,000-sf Debenhams and 134,000-sf House of Fraser department stores. In addition, there are 76 shop units and tenants include Boots, Mothercare, Next, USC, Virgin and Waterstones.Hammerson was advised by Donaldsons. Haslemere and Hermes were advised by CB Hillier Parker and Healey & Baker.
In Paris Hammerson now owns 364,000 sf in the 900,00-sf Parinor shopping centre, the fifth largest centre in the Paris region. It previously owned the space in partnership with Dutch investor Wereldehave.
Parinor is located 15 km north east of Paris, close to the A1 motorway and Charles de Gaulle airport. It opened in 1974 and was refurbished in the mid-1990s. The two-level centre is anchored by Carrefour, Fnac, Castorama and Toys 'R' Us plus a UGC cinema and approximately 4,900 parking spaces. The centre is fully let except for one unit. Hammerson's slice currently generates rent of €9.2 million ($8.1 million) per annum, against an estimated current rental value of €12.5 million ($11 million) per annum.
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