Well located in the centre of Nancy, north-east France, Saint Sébastien totals 24,000 m2 GLA, comprises 105 retailers and is 95% let. Key anchors include Monoprix, Intersport, C&A and Sephora. Hammerson's ownership represents 75% of GLA.
Hammerson acquired its stake in Saint Sébastien in 2014 for EUR 130 million (£109 million). Since then the centre has benefited from being actively repositioned through a renovation project in 2016, the creation of a number of new retail units, and leasing to lift the quality of the tenant mix. These activities incurred total capital expenditure of around EUR 12 million. The asset generates an annual passing rent of EUR 8 million (£7 million).
Completion is expected to occur before year end and is subject to the usual conditions precedent.
David Atkins, CEO Hammerson, commented: “We have successfully repositioned Saint Sébastien and improved the tenant mix through effective asset management and investment, enabling us to recognise a valuation uplift since acquisition. I am also pleased to report that following this sale, we have exceeded our 2017 target of £400m disposals as part of our capital recycling strategy.”