PARIS-UK REIT Hammerson has agreed to sell a 51% stake in the O’Parinor shopping center, its largest asset, to the National Pension Service of Korea. It will receive net proceeds of $274 million, and also agreed to sell a further 24% stake to NPS in 2011 for an expected net $134 million.

NPS is the fifth largest pension fund in the world and has invested heavily in European property over the past year to diversify its asset portfolio. “This transaction is in line with our strategy of investing in high quality global real estate,” said Hee Seok Kim, head of global investment at NPS. In May it bought Berlin’s Sony Center for close to $758 million, after acquiring HSBC’s headquarters in London’s Canary Wharf. It also owns part of London Gatwick airport.

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