Hammerson Plc Acquisition Of Remaining 75% - Battery Retail Park

21st Jun 2010 07:00

TIDMHMSO RNS Number : 8953N Hammerson PLC 21 June 2010 ? For immediate release Monday 21 June 2010 Acquisition of remaining 75% of Battery Retail Park, Birmingham Hammerson plc, which owns 25% of Battery Retail Park in Birmingham, has acquired the remaining 75% from its partner TIAA-CREF for a consideration, including costs, of GBP49.5 million. 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. 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 GBP14.6 million, and Hammerson's share of passing rents was GBP1.0 million per annum. David Atkins, Chief Executive, 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." Further information: +-----------------------------------------+---------------------------+ | David Atkins, Chief Executive | Tel: 020 7887 1000 | +-----------------------------------------+---------------------------+ | Morgan Bone, Director of Corporate | Tel: 020 7887 1009 | | Communications | [email protected] | | | | +-----------------------------------------+---------------------------+ This information is provided by RNS The company news service from the London Stock Exchange END ACQSFDFLAFSSEDM (END) Dow Jones Newswires June 21, 2010 02:00 ET (06:00 GMT)