Acquisition of remaining 75% interest in Falkirk
For immediate release 23 March 2011
Acquisition of remaining 75% of Central Retail Park, Falkirk
Hammerson plc, which owns 25% of Central Retail Park in Falkirk, has exchanged contracts to acquire the remaining 75% from its partner TIAA-CREF for a consideration of £69 million including costs.
The 37,100m2 scheme, anchored by a Tesco superstore, has an occupancy of 98% and a diverse range of tenants include Argos, Boots, Cineworld, Homebase, Mothercare and Next. The scheme is at the edge of the town centre and has 1,350 parking spaces. Passing rents at 31 December 2010 were £5.8 million.
Hammerson's 25% stake, which was acquired in 2002 as part of the Grantchester acquisition, was valued at £22.6 million at 31 December 2010.
David Atkins, Chief Executive, said:
"Following the acquisitions of Wrekin Retail Park and the remaining stake in Battery Retail Park, our UK parks portfolio now comprises 16 properties worth over £1 billion, or 20% of our total portfolio. With low average rents and a high proportion of open A1 planning, our retail parks are capitalising on demand from a range of tenants for accessible and affordable retail space.
At Central Retail Park we have successfully created a customer base of home improvement, fashion and catering, and have the opportunity to add value by redeveloping units and securing more fashion brands."
Further information:
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David Atkins, Chief Executive |
Tel: 020 7887 1000 |
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Morgan Bone, Director of Corporate Communications
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Tel: 020 7887 1009 |
Notes to editors
Hammerson
Hammerson has been creating and managing some of the most exciting retail destinations and office buildings in Europe for over 60 years. A FTSE 100 company with a real estate portfolio in the UK and France of around £5.3 billion at 31 December 2010, Hammerson has investments in 17 major shopping centres and 17 retail parks. We own seven London office buildings, which provide 158,000 m² of prime accommodation.
Hammerson aims to be the best owner-manager and developer of retail and office property in the UK and France. We focus on prime regional shopping centres and out-of town retail, while exploiting opportunities in the office sector. Our strategy is to outperform through two areas of focus: maximising income growth and creating a high quality property portfolio through acquisition, development and asset management. Both areas are underpinned by prudent financial management.
This information is provided by RNS