RNW/GBR/
RNS Number:7366F
Hammerson PLC
03 January 2003
Hammerson Signs Joint Venture Agreement with AXA for Paris Redevelopment
Hammerson plc has signed a joint venture agreement with leading French insurance
and financial services group AXA to redevelop adjoining properties at 9 place
Vendome and 368/374 rue Saint Honore, Paris 1e.
The joint venture company, 9 place Vendome SCI, which is owned 50:50 by the two
partners, has purchased the existing buildings from AXA for £78 million (Euro120
million). Over the past two years, Hammerson, the development manager for the
project, has obtained all administrative authorisations and design approvals.
The scheme will involve the creation of 26,000 m(2) of prime new offices behind
the listed facade on place Vendome and 3,000 m(2) of modern retail space in four
medium sized units fronting rue Saint Honore.
It is anticipated that the two year construction period will start in the final
quarter of 2003, subject to market conditions. Hammerson's share of the total
costs of the development, including site acquisition and financing charges, is
estimated at approximately £83 million.
Gerard Devaux, Managing Director Continental Europe, said:
"This is one of the best locations in central Paris for both offices and
shopping. We are delighted with this joint venture with AXA, which I
believe demonstrates Hammerson's strong reputation in the French
market."
For further information:
John Richards Tel: 0207 887 1000
Chief Executive Fax: 0207 887 1010
Hammerson plc
Chris Smith Tel: 0207 887 1000
Director of Corporate Affairs Fax: 0207 887 1010
Hammerson plc
Gerard Devaux Tel: 00 331 56 69 30 00
Managing Director Continental Europe Fax: 00 331 56 69 30 01
Hammerson France
This information is provided by RNS
The company news service from the London Stock Exchange
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0700 03 Jan 03