Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PARIS-Hammerson plc is buying Villebon 2, a freehold retail park near here. The London-based public property company is paying euro 150 million ($181 million) for the 433,800-sf development.Villebon 2 opened in 1988 in Villebon-sur-Yvette, a southwest suburb of Paris. It has 44 retailers, parking for 2,200 vehicles and the required authorizations and building permits for a 60,000-sf expansion. It adjoins an Auchan hypermarket, which has another 1,200 car parking spaces.Villebon 2 tenants include PC City, Animalis, Tati, Toys’R'Us, Aubert, Casa and Darty. The property has a current annual net rental income of euro 7.8 million ($9.42 million). Hammerson chief executive John Richards says the transaction represents Hammerson’s first retail park acquisition in France and the company expects to expand its business in the country. “Villebon 2 is one of the most successful retail park schemes in the Paris region,” he says. “It has an excellent retail line up and offers significant opportunities to add value through an extension and by active asset management.” The seller is a private group of companies owned by P. Rochemont, R. Soubai, P. de Margerie and Vendomiena, according to Hammerson. Hammerson will effect the acquisition by acquiring the companies” share capital with their own. Hammerson will issue 7.07 million New Ordinary Shares [valued at euro 88 million ($106.08 million)] and assume euro 62 million ($74.74 million) of debt and other net liabilities in the acquired companies. A condition of the acquisition is that the New Ordinary Shares be admitted to the Official List maintained by the United Kingdom Listing Authority, and to be admitted to trading by the London Stock Exchange as well as Euronext Paris. It is expected that the listing and admission of the New Ordinary Shares in London will become effective on Wednesday. Hammerson invests in and develops shopping centers, retail parks and prime offices. Its $8.03-billion portfolio includes about 11.84 million sf or retail and 2.15 million sf of office. The company is listed on the London Stock Exchange and Euronext Paris.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information

GlobeSt. NET LEASE Awards 2021Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.