Hammerson - French Acquisitions

Date: 04 Sep 1998

Hammerson has acquired major interests in two shopping centres and a property management company in France for approximately FF600 million (£60 million).

The acquisitions are

A 64.5% interest in SDPH, a company which owns 125 shop units totalling 36,000 m² of retail space in a shopping, centre, Place des Halles, Strasbourg. Retailers in the centre, which was built in 1979 and renovated in 1991, include BHV, C&A, Galleries Gourmandes, Zara and GoSport.

A 100% interest in SCI Val Commerces, a company which owns 46 shop units totalling 8,600 m² of retail space in a shopping centre near Geneva, 'Shoppinc, Etrembières'. The centre. which was built in 1994, is anchored by a Migros hypermarket and retailers include Celio, GoSport and MeDonalds.

A 100% interest in IGIF, a shopping centre management company which currently manages both centres and provides services to other co-owners.

The above interests were acquired from Intershop with the exception of a 50% interest in SCI Val Commerces, which was acquired from Interbail.

Commenting, on the transactions. Ronald Spinney. Chief Executive. said

"We believe these will prove to be well-timed acquisitions in a market which is continuing to improve on the back of rising consumer confidence and strong demand from retailers for well located units.

Both centres are virtually fully let and, particularly in Place des Halles, there is good reversionary potential.

These acquisitions, which bring, the total value of Hammerson's investments in France to nearly FF4 billion (£400 million), will bring us economies of scale within our French operation and increasing influence in the French retail property market."

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