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Another Hammerson acquisition - remaining 75% of Battery Retail Park
Hammerson Plc, a real estate investment trust, which owns 25% of Battery Retail Park in Birmingham, announced today it has acquired the remaining 75% from its partner TIAA-CREF, the giant $402billion US pension plan and investment fund group for US teachers and researchers, for a consideration, including costs, of £49.5 million
Battery Retail Park 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. Hammerson last week bought Leadenhall Court EC3 from the receivers of Simon Halabi for £65 million. The firm has also received a green light on it's huge £4.5 billion Brent Cross Cricklewood regeneration scheme last Friday, after both Boris and the Barnet Council supported the scheme.
David Atkins, Hammerson CEO, 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."
Hammerson shares closed on Friday at 360 pence
Battery Retail Park 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. Hammerson last week bought Leadenhall Court EC3 from the receivers of Simon Halabi for £65 million. The firm has also received a green light on it's huge £4.5 billion Brent Cross Cricklewood regeneration scheme last Friday, after both Boris and the Barnet Council supported the scheme.
David Atkins, Hammerson CEO, 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."
Hammerson shares closed on Friday at 360 pence
Mon, 21st Jun 2010