UK REIT Hammerson has teamed up with Codic France in a 50-50 joint venture to acquire SQY Ouest, a 31,000 m2 shopping centre in Saint Quentin-en-Yvelines. The purchase price is put at EUR 38 mln with Hammerson's initial commitment coming to EUR 20 mln, including transaction costs.

The yield on the purchase price totals 9.2%, including vacancy charges and other direct costs. The vendor is SNC Parc culturel urbain d'animation permanente.

SQY Ouest is a modern retail and leisure scheme developed in 2005. Located 20 km south west of Paris, it is adjacent to Espace Saint Quentin (a 59,000 m2 shopping centre, 28,000m2 of which is jointly owned by Hammerson and Allianz). SQY Ouest has over 45 retailers on four floors, including international brands such as Bershka, GoSport, Virgin Megastore and Zara. The top floor is anchored by one of UGC's most successful multiplex cinemas. SQY Ouest is currently 87% occupied.