REG - Hammerson PLC - Disposal of Battery Retail Park, Birmingham <Origin Href="QuoteRef">HMSO.L</Origin>

HammersonAnnouncement

01/02/2018 07:05

RNS Number : 5406D
Hammerson PLC
01 February 2018
Hammerson plc
1 February2018
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.

This information is provided by RNS
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