Property news - Hammerson German exit

Hammerson has exchanged contracts to sell the Luisencentre in Darmstadt, Germany for EUR102.2 million (£72 million) to German fund Difa. The sale is in line with the company's strategy of reducing its exposure to the country's poorly-performing retail sector. Following the disposal, Germany will account for less than 6 per cent of its portfolio. Hammerson is also hoping to sell its remaining stake in City Center Essen. Jones Lang LaSalle advised Hammerson.