Disposal of Battery Retail Park, Birmingham

RNS Number : 5406D

Hammerson PLC

01 February 2018

 

Hammerson plc

1 February 2018

Disposal of Battery Retail Park, Birmingham

Hammerson plc ("Hammerson") has exchanged contracts for the sale of Battery Retail Park, Birmingham, to NFU Mutual for £57.5 million. The retail park, covering a total of 12,600m², is located in Selly Oak, south west of Birmingham city centre.

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 Next, TK Maxx, Homebase, Sports Direct 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 £400m of disposals in 2017, and provides the opportunity to invest in our development and premium outlet sectors."

For further information:

David Atkins, CEO

020 7887 1000

Rebecca Patton, Head of Investor Relations

020 7887 1109

Note: the announcement above has also been released on the SENS system of the Johannesburg Stock Exchange.

Notes to Editors

Hammerson is a FTSE 100 owner, manager and developer of retail destinations in Europe. Our portfolio of high-quality retail property has a value of around £10.5 billion and includes 23 prime shopping centres, 17 convenient retail parks and investments in 20 premium outlet villages, through our partnership with Value Retail and the VIA Outlets joint venture. Key investments include Bullring, Birmingham, Bicester Village, Oxfordshire, Dundrum Town Centre, Dublin and Les Terrasses du Port, Marseille.

 

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