PARIS-Allianz Real Estate GmbH, an arm of the German insurancefirm, has agreed to purchase a 75% stake in the 631,000-square-footshopping center in Saint Quentin-en-Yvelines, near Paris.London-based Hammerson plc sold the majority of the Espace SaintQuentin center for $218 million.

In this joint venture, Hammerson, a real estate investmenttrust, will still own the remaining 25% and will continue to managethe asset. The trust acquired the center in 1994. “We are pleasedto crystallize that value to reinvest in other opportunities,” saidDavid Atkins, CEO of Hammerson, in a statement.

The trust estimated the value of the property in December 2009at almost $300 million. The center, anchored by Carrefour, is partof a larger, mixed-use development that includes residential,offices and hotels. “This center is the third commercial asset tobe acquired by Allianz in Europe since the beginning of the year,according to our investment strategy to further expand this assetclass in our portfolio,” said Olivier Piani, CEO of Allianz.