Hammerson plc, which owns 25% of Battery Retail Park in Birmingham, has acquired the remaining 75% from its partner TIAA-CREF for a consideration, including costs, of £49.5 million (58.8 million).
Battery is a prime retail park of 13,000 m² over eight units. Built in 1990, it benefits from open A1 retail planning consent and is located in Selly Oak to the south west of Birmingham city centre. Battery is 100% occupied with principal tenants including B&Q, Currys, Halfords, Homebase, Next and PC World.
Hammerson's stake was acquired in 2002 as part of the Grantchester acquisition. At 31 December 2009, the stake was valued at £14.6 million, and Hammerson's share of passing rents was £1.0 million per annum.
David Atkins, Chief Executive, 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."