Hammerson, the British property giant, has sold its 25% stake in the Italie Deux shopping centre in central Paris to Ingka Centres for €164 million in cash. Ingka Centres is part of the Ikea holding company, Ingka Group. This sale comes after Hammerson’s previous sale of 75% of its stake in Italie Deux in 2019 for €430 million to AXA Investment Managers. The recent deal with Ingka was finalized at a 4% discount to the book value of the properties at the end of 2022.

According to Hammerson, this sale is part of its continuous efforts to simplify its portfolio. The proceeds from the sale will strengthen Hammerson’s balance sheet and reduce its net debt. Together with the €360 million generated from previous disposals in 2022, this sale brings the total proceeds to around €500 million. This aligns with the company’s commitment to reaching €500 million of disposals by the end of 2023.

Italie Deux is a well-known and significant shopping destination in Paris. Ingka intends to integrate Italie Deux, the recent ItaliK high-street extension, and the neighboring office complex Apollo into its first urban meeting place in France. Ingka remains dedicated to sustainability goals, aiming for 100% renewable energy by 2030. Italie Deux currently houses flagship retail stores, leisure facilities, and dining options, attracting over 11 million visitors annually. Notable tenants include Zara, Sephora, and Carrefour.

The acquisition of Italie Deux marks Ingka’s fourth urban meeting place, following Livat Hammersmith in London, Toronto, and San Francisco. Ingka is also developing larger new-build meeting places in markets like India and China, tailoring its approach to local needs. The company envisions these meeting places as sustainable and vibrant hubs for retail, leisure, and community engagement.

Useful links:
1. Hammerson
2. Ingka Group