Hammerson has bought the Ravenhead Retail Park, in Merseyside for £120.6m.

It bought the 297,000 sq ft (27,600 sq m) centre from Ravenhead Developments at a yeidl of 3.98%. The St Helens parks comprises 17 stores with tenants including Arcadia, B&Q, Boots, Currys and Next. The park also has partial A1 planning consent and further consent for an extra 87,190 sq ft (8,100 sq m)of retail space. The yearly income is £4.8m.

The property REIT will issue 5,019,875 shares to the vendors, representing 1.8% of its issued share capital. Based on a share price of £15.76, the shares will have a value of £79.m. Hammerson will also assume £36.6m of debt and other liabilities.

John Rchards, chief executive of Hammerson, said: ‘This transaction demonstrates the benefits of Hammerson's REIT status in being able to acquire attractive assets from owners of properties who have significant capital gains tax liabilities. Hammerson has built up a highly successful retail parks business over the past 5 years, and this park offers significant opportunities to add value through an extension and by active asset management.’