Hammerson has completed the acquisition of the remaining 50% stake in the Bullring and Grand Central retail assets in Birmingham.
Late last month, the company announced plans to acquire joint venture partner CPP Investments’ stake in the assets for £319m.
The sale price represents a 4% discount to June book value, a blended net initial yield of 6.7% and a topped-up net initial yield of 7.7%.
On announcing the deal last month, Rita-Rose Gagné, chief executive officer of Hammerson, said: “This is an exciting milestone for Hammerson. Our investment alongside key trusted brand partners has seen Bullring deliver a standout operational performance in recent years, cementing its reputation as a top five UK destination.
“Birmingham is a thriving, growing city and our dynamic catchment continues to drive footfall and sales growth. Full control of this super prime asset allows us to consolidate the position of our Birmingham estate at the heart of the UK’s second city and explore new opportunities to deliver enhanced value and risk-adjusted returns.”