PARIS-Allianz Real Estate GmbH, an arm of the German insurance firm, has agreed to purchase a 75% stake in the 631,000-square-foot shopping center in Saint Quentin-en-Yvelines, near Paris. London-based Hammerson plc sold the majority of the Espace Saint Quentin center for $218 million.
In this joint venture, Hammerson, a real estate investment trust, will still own the remaining 25% and will continue to manage the asset. The trust acquired the center in 1994. “We are pleased to crystallize that value to reinvest in other opportunities,” said David Atkins, CEO of Hammerson, in a statement.
The trust estimated the value of the property in December 2009 at almost $300 million. The center, anchored by Carrefour, is part of a larger, mixed-use development that includes residential, offices and hotels. “This center is the third commercial asset to be acquired by Allianz in Europe since the beginning of the year, according to our investment strategy to further expand this asset class in our portfolio,” said Olivier Piani, CEO of Allianz.
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