Hammerson sells Battery Retail Park in Birmingham – Hammerson plc has exchanged contracts for the sale of Battery Retail Park, Birmingham, to NFU Mutual for GBP57.5 million. The retail park, covering a total of 12,600m(2) , is located in Selly Oak, south west of Birmingham city centre.
Built in 1990, Battery Retail Park has benefitted from a proactive asset management strategy which reconfigured the park and implemented a more diverse tenant mix. The tenant line-up now caters to both homeware and fashion demand with brands including Poundland, Next, TK Maxx, Homebase, Sports Direct, Maplin and Halfords.
The sale price represents a net initial yield of 6% and is in line with December 2016 book value.
David Atkins, CEO Hammerson, commented: “We have successfully reconfigured Battery Retail Park and improved the retail mix. There continues to be good investor demand for relevant retail destinations with solid brands and modern retailer units. This transaction is in line with our ongoing disposal strategy which saw the business achieve more than GBP400m of disposals in 2017, and provides the opportunity to invest in our development and premium outlet sectors.”
Hammerson’s shares have been weak over the past nine months, retreating from over £6 in June 2017 to 492p today.
HMSO : Hammerson sells Battery Retail Park in Birmingham