Hammerson signs £69m buyout of retail park

Property firm Hammerson has bought out the remaining stake in Falkirk's sprawling Central Retail Park for £69 million, marking one of the biggest deals of its kind this year in Scotland.

The company, which had owned 25 per cent of the site, said it had exchanged contracts to acquire the remaining 75 per cent from its partner TIAA-CREF, a US-based retirement provider.

The 37,000 square metre Central Retail Park sits just to the north of the town centre and is anchored by a Tesco superstore. Other tenants include Argos, Boots, Cineworld, Homebase, Mothercare and Next.

Hammerson's other Scottish interests include the Silverburn complex in Glasgow and Aberdeen's new Union Square.

David Atkins, chief executive of Hammerson, said: "At Central Retail Park we have successfully created a customer base of home improvement, fashion and catering, and have the opportunity to add value.

"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 per cent of our total portfolio."

Separately, Hammerson yesterday said it had bought a portfolio of six retail assets south of the Border for 208m, from St Martins Property Investments.

The biggest is the Centrale shopping centre in Croydon. The deal also included Monument Mall in Newcastle-upon-Tyne.