Hammerson Buys 75% In Battery Retail Park For GBP49.5M

21st Jun 2010 07:08

LONDON (Dow Jones)--Hammerson Plc (HMSO.LN), a real estate investment trust, which owns 25% of Battery Retail Park in Birmingham, announced Monday it has acquired the remaining 75% from its partner TIAA-CREF for a consideration, including costs, of GBP49.5 million MAIN FACTS: -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. -Hammerson's stake was acquired in 2002 as part of the Grantchester acquisition. -At Dec. 31, 2009, the stake was valued at GBP14.6 million, and Hammerson's share of passing rents was GBP1.0 million per annum. -Shares closed Friday at 360 pence. -By Zechariah Hemans, Dow Jones Newswires; 44-20-7842-9411; [email protected] (END) Dow Jones Newswires June 21, 2010 02:08 ET (06:08 GMT)