News

Hammerson eyes €400m Marseille mall project

News

Estates Gazette

16 November 2009

UK REIT in talks to buy an ongoing scheme from Foruminvest, which has other projects on the market

Hammerson is in talks to buy a French retail mall development. The UK REIT is in discussions with Dutch mall specialist Foruminvest to buythe Terrasses du Port project in Marseille, sources said. Completion of the €400m project is scheduled for 2012. Hammerson could buy the whole scheme or a stake in the 50,000 m2 project, which is being developed along the French city’s sea front.

The projectincludes a ferry terminal, linking Marseille with Corsica and Sardinia, and has a catchment area of around 1.5m people and an expected 2mvisitors.

Hammerson, which would not comment,has been selling French assets. For example, it soldthe €210m Trois Quartiers property in central Paris this June to MGPA. Hammerson, however, hasbeen so far unable to sell a Paris office block. The 10,300 m2 Rue de l’Université property was first put on the market for around €200m in late 2007 but so far has not found a buyer.Foruminvest, meanwhile, has been looking to sell several malls it has developed across Europe, including two completed centres in Italy worth around €350m in total.

Union Investment to buy K project

German fund manager Union Investment is in due diligence to buythe Kproject, Foruminvest’s34,000 m2 scheme in the centre of the Belgian city of Kortrijk. The mall, which opened in September, is worth around €190m. In June, Foruminvest sold a similar asset, Le31, in nearby Lille to Pramerica for €160m.Foruminvest chairman and chief executive Michel Riaskoffdeclined to comment on both deals.

French retail real estate companyAldeta is selling a shopping mall in France for around€340m.Aldeta, which is 99%owned by French retail company Galeries Lafayette, is looking for buyers of theCap 3000 mall on the Côte d’Azur.The 40,000 m2 asset, near Nice airport in Saint Laurent du Var, was valued at €341.9m as of 30 June2009, according to the Paris-based company’s half-yearly report.

Cap 3000 first opened in 1969, having been developed by Les Nouvelles Galeries. As well as Galeries Lafayette, the mall has around 120 tenants, including H&M and Zara. Many of the mall’s leases are due for renewal, whilethe asset has the capacity for extension and renovation.HSBC is advising Aldeta, a former jewellery company, which moved into real estate last year, becoming the sole owner of Cap 3000 in July 2008. Aldeta is listed on Euronext. Aldeta/Galeries Lafayette did not comment.

UK REIT in talks to buy an ongoing scheme from Foruminvest, which has other projects on the market Hammerson is in talks to buy a French retail mall development. The UK REIT is in discussions with Dutch mall specialist Foruminvest to buythe Terrasses du Port project in Marseille, sources said. Completion of the €400m project is scheduled for 2012. Hammerson could buy the whole scheme or a stake in the 50,000 m2 project, which is being developed along the French city’s sea front. The projectincludes a ferry terminal, linking Marseille with Corsica and Sardinia, and has a catchment area of around 1.5m people and an expected 2mvisitors.Hammerson, which would not comment,has been selling French assets. For example, it soldthe €210m Trois Quartiers property in central Paris this June to MGPA. Hammerson, however, hasbeen so far unable to sell a Paris office block. The 10,300 m2 Rue de l’Université property was first put on the market for around €200m in late 2007 but so far has not found a buyer.Foruminvest, meanwhile, has been looking to sell several malls it has developed across Europe, including two completed centres in Italy worth around €350m in total.Union Investment to buy K projectGerman fund manager Union Investment is in due diligence to buythe Kproject, Foruminvest’s34,000 m2 scheme in the centre of the Belgian city of Kortrijk. The mall, which opened in September, is worth around €190m. In June, Foruminvest sold a similar asset, Le31, in nearby Lille to Pramerica for €160m.Foruminvest chairman and chief executive Michel Riaskoffdeclined to comment on both deals. French retail real estate companyAldeta is selling a shopping mall in France for around€340m.Aldeta, which is 99%owned by French retail company Galeries Lafayette, is looking for buyers of theCap 3000 mall on the Côte d’Azur.The 40,000 m2 asset, near Nice airport in Saint Laurent du Var, was valued at €341.9m as of 30 June2009, according to the Paris-based company’s half-yearly report. Cap 3000 first opened in 1969, having been developed by Les Nouvelles Galeries. As well as Galeries Lafayette, the mall has around 120 tenants, including H&M and Zara. Many of the mall’s leases are due for renewal, whilethe asset has the capacity for extension and renovation.HSBC is advising Aldeta, a former jewellery company, which moved into real estate last year, becoming the sole owner of Cap 3000 in July 2008. Aldeta is listed on Euronext. Aldeta/Galeries Lafayette did not comment.