Hammerson to Divest Building in Paris’s Fashion District for $219 Million
Hammerson Plc (HMSO) agreed to sell a building in Paris’s fashion district to Ramsbury AB for 165 million euros ($219 million).
The property at 54-60 rue du Faubourg Saint-Honore has 8,000 square meters (86,000 square feet) of space, Hammerson said in a statement today. Brands including Burberry, Moschino, and Bally became tenants after a refurbishment, the London-based company said. About half the building comprises luxury homes.
“This disposal crystallizes a substantial profit on cost, further enhancing our financial flexibility to undertake refurbishment, development and acquisition opportunities within our retail portfolio,” Chief Executive Officer David Atkins said in the statement.
Hammerson said the purchase price was slightly higher than the appraised value in December. Ramsbury is a privately held Swedish property company.
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