Hammerson has exchanged contracts for the sale of Battery Retail Park, Birmingham, to NFU Mutual for €65.8m (£57.5m). The sale price represents a net initial yield of 6% and is in line with December 2016 book value.
The retail park, covering a total of 12,600m2, is located in Selly Oak, south-west of Birmingham city centre. The property has benefitted from a proactive asset management strategy which reconfigured the park and implemented a more diverse tenant mix. The tenant line-up now caters to both homeware and fashion demand with brands including Next, TK Maxx, Homebase, Sports Direct and Halfords.
David Atkins, CEO Hammerson, commented: "We have successfully reconfigured Battery Retail Park and improved the retail mix. There continues to be good investor demand for relevant retail destinations with solid brands and modern retailer units. This transaction is in line with our ongoing disposal strategy which saw the business achieve more than €457.5m (£400m) of disposals in 2017, and provides the opportunity to invest in our development and premium outlet sectors."
