Hammerson in £50m Birmingham retail park deal
Published: 21 June, 2010
Hammerson has bought the remaining 75 per cent stake in the 140,000-sq ft Battery Retail Park in Birmingham from TIAA-CREF for £49.5m.
Battery is a prime Open A1 retail park in Selly Oak to the south west of Birmingham city centre. Its eight units are all let and tenants include B&Q, Currys, Halfords, Homebase, Next and PC World.
Hammerson acquired a 25 per cent stakein 2002 as part of the Grantchester takeover. At 31 December 2009, the stake was valued at £14.6m, and Hammerson's share of passing rents was £1.0m pa.
Chief executive David Atkins said: “Battery Park offers significant asset management and extension opportunities. This acquisition will give us full control of an excellent asset whilst increasing the liquidity within our retail park portfolio."