Hammerson has confirmed it has sold its 75% stake in the Italie Deux shopping centre in Paris to AXA Investment Managers – Real Assets for €430m (£362m).
The sale represented a net initial yield of 4.1% and marked a 8.5% discount to its December 2018 book value.
The proceeds will be used to reduce debt and strengthen the balance sheet, Hammerson said.
The REIT exchanged contracts to sell its stake to AXA IM – Real Assets in July.
The transaction also includes the forward sale of 75% of a 6,400 sq m (68,889 sq ft) extension, which Hammerson will complete as part of the deal.
The Italik extension, due to open in September 2020, is projected to cost £18m to complete as at 30 June.
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