Birmingham’s Battery Retail Park has been sold by retail property giant Hammerson as it continues its “disposal strategy”.
NFU Mutual, an insurance company based in the Midlands, bought the retail park for £57.7 million, representing a yield of six per cent for Hammerson.
The 135,625sq ft retail park is home to major big box tenants like including TK Maxx, Sports Direct, Homebase and Next.
According to Hammerson, which also owns a stake in Birmingham’s Bullring and Grand Central shopping centres, the sale is in line with its disposal strategy in which it intends to sell off assets to fund its premium estate.
“We have successfully reconfigured Battery Retail Park and improved the retail mix,” Hammerson chief executive David Atkins said.
“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.”
This comes just months after Hammerson announced the proposed £3.4 billion merger with rival property firm Intu, set to create a combined international estate of £21 billion.