Ingka Centres, part of the Ingka Group, has acquired a major Paris inner-city shopping destination, Italie Deux, together with the recent high-street extension ItaliK, and the neighbouring office complex Apollo. The deal was struck in two parts, with Ingka acquiring UK REIT Hammerson's 25% stake in Italie Deux and the ItaliK extension, and AXA Investment Managers - Real Assets's 75% stake in the assets, which include the Apollo complex. Hammerson revealed that its 25% stake was sold for a cash consideration of €164 mln, representing a 4% discount to its 31 December 2022 book value and a net equivalent yield of 5%. In 2019, Hammerson divested 75% of its Italie Deux stake and the proposed ItaliK extension for €430 mln to AXA. As part of the deal, Hammerson agreed to complete ItaliK for around €20 mln.
Source: https://propertyeu.info/Nieuws/Ingka-snaps-up-Italie-Deux-in-Paris-for-mixed-use-quarter/abdf8a4c-3095-4382-a992-337cfc7c9dda, on 12 April 2023