London-listed real estate firm Hammerson has acquired the remaining 75% it did not already own in Battery Retail Park, Birmingham from its partner TIAA-CREF for £49.5 mln (EUR 59 mln).

London-listed real estate firm Hammerson has acquired the remaining 75% it did not already own in Battery Retail Park, Birmingham from its partner TIAA-CREF for £49.5 mln (EUR 59 mln).

Battery is a prime retail park of 13,000 m2 over eight units. Built in 1990, it is located in Selly Oak to the south west of Birmingham city centre. The retail park is 100% occupied with principal tenants including B&Q, Currys, Halfords, Homebase, Next and PC World.

Hammerson acquired a 25% stake in 2002 as part of the Grantchester acquisition. At end-December 2009, the stake was valued at £14.6 mln and Hammerson's share of passing rents was £1 mln 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.'

Last week, Hammerson announced it had exchanged contracts with Allianz Real Estate to sell a 75% interest in Espace Saint Quentin shopping centre, Saint Quentin-en-Yvelines near Paris. Hammerson, a real estate investment trust in both the UK and France, said it will continue to manage the asset which will be held in a 75:25 joint venture. Hammerson will receive EUR 176 mln net of costs, of which EUR 3 mln is contingent upon the exercise of a purchase option by Allianz in respect of one unit in 2012.