StockMarketWire.com - Hammerson said it had completed the sale of the 75% stake in the Parisian shopping destination Italie Deux to AXA Investment Managers for €430m.

As previously announced in July 2019, the forward sale of 75% of the Italik extension for an additional €43m was expected to complete in early 2022, 18 months after the opening of the development, the company said.

The transaction represented a net initial yield of 4.1% on Italie Deux. The total sale price reflected an 8.5% discount to December 2018 book value and was marginally below end of June 2019 book value, it added.

The proceeds would be used to reduce debt and strengthen the balance sheet.




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