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Hammerson : HMSO – buys French shopping centre

Hammerson is acquiring a 75% stake in Saint Sebastien shopping centre in Nancy, France for £109m, equivalent to an initial yield of 6%. Recent rent deals have been agreed at a 10% uplift.

Hammerson hopes to create significant value by renovating the centre, introducing a dedicated restaurant area and refreshing the tenant mix.

The centre, in central Nancy, covers 24,000 sqm with 105 shops and restaurants and over 1,000 car parking spaces.

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