Owned by Hammerson since 1994, Espace Saint-Quentin will be held in joint ownership with Hammerson, which will continue to manage the asset. The value of the asset is 235 million euros (RETT excluded) and the transaction is subject to suspensive conditions.
Allianz Real Estate acquires shopping center in Paris region
Built in 1987, the 48,500 square meters commercial center Espace Saint Quentin is part of a larger mixed-use development comprising of residences, offices, hotel accommodation and restaurants. The center is anchored by Carrefour, C&A, Go Sport, H&M and Sephora and underwent renovation and expansion several times in order to maintain an excellent level of services.
Espace Saint-Quentin encompasses a Carrefour hypermarket of 15,000 square meters and 120 shops and brand names as well as 10 restaurants over ca. 28,000 square meters, plus 3,200 parking spaces. Ideally situated in an economically and demographically dynamic city within the second most powerful economic zone west of Paris. Espace Saint-Quentin welcomes 13,7 million visitors annually and records a turnover in excess of 300 million euros.
Espace Saint-Quentin welcomes 13,7 million visitors annually and records a turnover in excess of 300 million euros
Olivier Piani, CEO of Allianz Real Estate, comments: "We are extremely pleased to announce today the acquisition of a 75 percent stake in Espace Saint Quentin, partnering with Hammerson, one of Europe's foremost retail asset managers. This center is the third commercial asset to be acquired by Allianz Real Estate in Europe since the beginning of the year according to our investment strategy to further expand this asset class in our portfolio."
David Atkins, Chief Executive of Hammerson, said: "We have created significant value at Espace Saint Quentin since acquiring the asset in 1994, and we are pleased to crystalize that value to reinvest in other opportunities. We are delighted to be partnering Allianz in this new joint venture, assuming an asset management role which allows us to utilize our expertise for the benefit of both parties".
Allianz Real Estate was advised by Cabinet Lacourte Balas et Associés, Ernst & Young and Icade Conseil in this transaction.
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