Hammerson acquires remaining 75% of retail park

REAL estate company Hammerson has acquired the remaining 75% of Battery Retail Park in Birmingham.

The firm already owned 25% of the site in Selly Oak but has now completed a deal with its partner TIAA-CREF on the remaining three quarters for a consideration of £49.5m including costs.

Battery is a prime retail park of 13,000 m2 over eight units, was built in 1990 and benefits from open A1 retail planning consent.

It is 100% occupied and tenants include B&Q, Currys, Halfords, Homebase, Next and PC World.

Hammerson’s stake was acquired in 2002 as part of the Grantchester acquisition and at the end of last year it was valued at £14.6m.

The company’s share of passing rents was £1m per annum.

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.”