Hammerson bought the site in 1994 and the 138,000 sf of retailspace was completed in 2000. Prior to completion, all of the spacewas let on 12-year leases to department store operator GaleriesLafayette and the fashion retailers H&M and Burton.

Hammerson Chief Executive John Richards said: 'This transactiondemonstrates the continuing strength of the Paris propertyinvestment market and the strong interest from internationalinvestors. It enables us to crystallise a substantial developmentprofit and will provide funds for the group's developmentprogramme.'

Hammerson's parisian activities are now concentrated on the335,000-sf office redevelopment at 14 boulevard Haussmann. The sitewas bought earlier this year for €175 million ($162 million).Overall, French property accounts for 23% of Hammerson's totalportfolio. Hammerson was advised by Jones Lang LaSalle.

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