Hammerson buys up rest of Selly Oak asset

21st Jun 2010 07:00

Property giant Hammerson has assumed full ownership of the Battery Retail Park in the Selly Oak part of Birmingham.Hammerson has bought the 75% interest in the retail park which it did not already own from TIAA-CREF for a consideration, including costs, of £49.5m.Battery is a prime retail park of 13,000 square metres over eight units. Built in 1990, it benefits from open A1 retail planning consent.The park is 100% occupied with principal tenants including B&Q, Currys, Halfords, Homebase, Next and PC World.At the end of last year Hammeron's 25% stake was valued at £14.6m, and Hammerson's share of passing rents was £1.0 million per annum. "This acquisition will give us full control of an excellent asset whilst increasing the liquidity within our Retail Park portfolio," said David Atkins, chief executive of Hammerson.