Edge Properties has bought Battery Retail Park for £17.15m from an unnamed financial institution.
Battery Retail Park is sited on 2.43ha (6 acres) fronting the A38 and the A4040 in Selly Oak near Birmingham. It comprises four fully let retail units totalling 9,569 sq m (103,000 sq ft) and a 372 sq m (4,000 sq ft) restaurant.
The park’s tenants are Texas Homecare, MFI, Comet and Halfords. The investment generates £1.146m pa.
To part-fund the acquisition, Edge is planning to raise £15.7m through an open share offer. Edge hopes the share offer will enable it to fund further acquisitions.
Edge’s acquisition of Battery Retail Park comes on the day it announced its unaudited interim results for the six months to July 31. The company posted profits of £498,000, which compares with a £65,000 loss on the corresponding figure last year.
EGi News 23/09/96
