Hammerson Plc signed an agreement to divest the Battery Retail Park in Birmingham, U.K., to NFU Mutual for £57.5 million, reflecting a net initial yield of 6%.
The park covers a total area of 12,600 square meters in the south west of the city center, the company said in a release. Hammerson bought a 25% stake in the asset in 2002 and acquired the remaining 75% stake in June 2010 for £49.5 million.
According to CEO David Atkins, the deal supports the retail real estate manager and developer's ongoing sale strategy and provides investment opportunities in development and premium outlet markets.
