LONDON - Anglo-French property investor Hammerson (HMSO.L) said on Monday it has sold a Paris office building to a client of Invesco (IVZ.N) for 84.5 million euros ($121 million), about 14 percent below book value.

The seven-storey property at 148 Rue de l'Universite, which is 44 percent vacant, had a book value of 97.8 million euros at end-June 2009 and the sale will be reflected in Hammerson's 2009 financial results, it said in a statement. At 1144 GMT, Hammerson shares were down 4 percent, the top percentage faller on the FTSE .FTSE, and underperforming the 1.9 percent fall in the EPRA/NAREIT index .FTELUK of UK real estate stocks.

Hammerson late last month revived its acquisition spree after a four-year lull, closing two major deals to buy a Scottish shopping centre and a new retail development in Marseille, France. [ID:nLDE5BK0AO]

We believe Hammerson sold the asset with the purpose of recycling the capital in the Marseille shopping centre development. We understand the disposal, but had hoped for a letting first, JPMorgan analyst Harm Meijer said.

The Paris building, which Hammerson bought in 1999, was redeveloped in 2002 to provide 10,300 square metres of offices, and passing rents were at 3.9 million euros, said Hammerson, which was advised by consultants CB Richard Ellis (CBG.N). (Reporting by Daryl Loo; Editing by Andrew Macdonald) ($1=.6992 Euro) (See for the global service for real estate professionals from Reuters)