Hammerson has exchanged to buy the remaining 75% of Central Retail Park in Falkirk which it did not already own for £69m.
Hammerson previously owned 25% of the 400,000 sq ft park but has now bought the remaining 75% from TIAA-CREF.
The scheme is anchored by a Tesco superstore and has occupancy levels of 98%. Other tenants at the park include Argos, Boots, Cineworld, Homebase, Mothercare and Next.
Hammerson’s 25% stake, which was acquired in 2002 as part of the Grantchester acquisition, was valued at £22.6m at 31 December 2010.
David Atkins, chief executive at Hammerson, said: “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 £1bn, or 20% of our total portfolio. With low average rents and a high proportion of open A1 planning, our retail parks are capitalising on demand from a range of tenants for accessible and affordable retail space.
“At Central Retail Park we have successfully created a customer base of home improvement, fashion and catering, and have the opportunity to add value by redeveloping units and securing more fashion brands.”