UK property company Hammerson has continued to reduce its exposure to Germany with the sale of two shopping centres
German open-ended fund CS Euroreal has bought City Center shopping centre in Essen for €115.5m from Hammerson and Dutch pension fund ABP. Hammerson will also receive €2.7m from the sale of PHV, which runs City Center’s car parks.
In Darmstadt, Hammerson has also completed the sale of Luisencenter to German open-ended fund Difa for €102.2m.
John Richards, chief executive of Hammerson, said; “The completion of these transactions will reduce the group’s exposure in Germany to 5% of the portfolio.”
Hammerson was advised by Jones Lang LaSalle for the City Center sale with FPDSavills advising CS Euroreal.
