RNS Number:8462Z
Hammerson PLC
5 March 2001

 
  
Hammerson Exchange of Contracts to Sell 40 rue de Courcelles, Paris 
 
 
Hammerson has exchanged contracts to sell 40 rue de Courcelles, Paris 8eme to
the German institutional investor Munich Re, the world's largest reinsurance
company. Munich Re was represented by the real estate team of MEAG MUNICH
ERGO Asset Management, the asset manager of Munich Re Group.
 
The net sales proceeds from the transaction will amount to FF1,058 million
(£101 million) and completion will take place on 30 March 2001.
 
Hammerson acquired 40 rue de Courcelles in 1996 and carried out a major
redevelopment of the building, creating 19,000 sq. m. (gross) of high quality
office accommodation behind the existing facade. Prior to completion of the
development the entire building was leased for nine years to leading Dutch
bank, ABN Amro as its French headquarters at a top rent of FF3,500/sq. m.
(535 euro/sq. m.).

Commenting on the transaction, John Richards, Chief Executive, Hammerson plc,
said:
 
     This sale demonstrates the continuing strength of the Paris office
investment market. The transaction enables Hammerson to take advantage of the
buoyant conditions by crystallising a healthy surplus and will provide funds
for reinvestment in the group's operations in France and Germany.

 
Hammerson's French portfolio represented approximately 25% of the group's
total portfolio at 31 December 2000.
 
Jones Lang LaSalle acted on behalf of Hammerson.
 
 
 
For further information:
 
John Richards                                         Tel: 020 7887 1000
Chief Executive
 
Christopher Smith                                     Tel: 020 7887 1000
Director of Corporate Affairs
 
Gerard Devaux                                         Tel: 00 331 5669 3000
Director Hammerson Europe
 



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