Real estate investment trust Hammerson has acquired Wrekin Retail Park in Telford for £42 million from Legal & General Property.

The retail park is currently fully let to nine retailers including Asda Living, Boots, Homebase and Matalan and has annual gross rental income of £2.6 million.

David Atkins, chief executive of Hammerson, said, 'Retail Parks represent a significant part of our portfolio. They remain in demand from our occupiers and their customers thanks to their convenience, accessibility and affordability for tenants.

'Wrekin is an excellent asset with a strong anchor and wide planning consent,' he added. 'It has secure, reversionary income, and we aim to improve future returns through specific asset management initiatives including the introduction of further high quality brands and increasing the catering offer.'

Legal & General Property has owned the 13,500 square metres retail park since its development in 1996.