National Pension Service of Korea agreed to pay Hammerson Plc 106 million euros ($150 million) to increase its stake in a mall near Paris, according to three people with knowledge of the transaction.
NPS exercised its option to buy an additional 24 percent stake in O’Parinor, increasing its ownership of the 90,000-square-meter (969,000-square-foot) mall to 75 percent, said the people, who declined to be identified because the purchase hasn’t been made public.
Hammerson, based in London, and National Pension’s asset manager, Rockspring Property Investment Managers LLP, declined to comment.
In August 2010, Hammerson sold a 51 percent share of the center near Paris’s Charles de Gaulle airport to National Pension with an agreement to sell an additional stake. The deal is part of Hammerson Chief Executive Officer David Atkins’s strategy to sell assets to cut debt and finance more-profitable acquisitions and new developments.
Rockspring said last month that it got a 219 million-euro, five-year loan secured against the mall from Landesbank Hessen Thueringen Girozentrale and Aareal Bank AG.