HAMMERSON PLC 25.03.2015
Hammerson announces that the Croydon Partnership, the joint venture between Westfield and Hammerson, has made significant progress in its land assembly programme with the acquisition of Whitgift Trust's 50% long leasehold interest in the Whitgift Centre for an undisclosed sum.
This transaction gives the Partnership ownership of the shopping centre, alongside its freehold owner, the Whitgift Foundation, and direct management control. The Whitgift Foundation is wholly supportive of the Partnership's wider 2 million sq ft vision to transform the retail town centre.
The Croydon Partnership now owns or controls a majority of the major land interests required for the proposed development. It will assume all management responsibilities for the centre going forward.
The completion of this transaction follows the conclusion of the Compulsory Purchase Order Inquiry ("CPO"), which closed on Friday 13th March. The result of the inquiry is expected to be confirmed by the Secretary of State around autumn this year.
The Croydon Partnership will continue to negotiate for the remaining land interests and rights and will work closely with the Council and local community to ensure that the wider project brings maximum benefits to the Borough.
Peter Cole, Chief Investment Officer at Hammerson, said: "This purchase represents a significant step forward in our plans to redevelop Croydon's retail centre. We have been working hard with all parties to purchase ownerships that are integral to advancing our scheme, and clearly securing the controlling interest in the Whitgift Centre, amongst other key land acquisitions, is a hugely important part of the jigsaw. We can now take an active role in the management of the centre prior to the start of physical redevelopment, which is enormously beneficial to the whole process."
- ENDS -
For further information:
Richard Stocks / Richard Sunderland
FTI Consulting: +44 (0)20 3727 1000
Croydon@fticonsulting.com
About Croydon Partnership's plans for Croydon
The Croydon Partnership's over £1bn scheme will transform Croydon's town centre into a 2m ft² state-of-the-art retail, leisure and restaurant destination, together with new public realm, creating 5,000 new jobs, new car parking and up to 600 new residential units including affordable housing. This will provide the kick start to Croydon's much needed regeneration, attracting new residents and visitors back to the town centre for the benefit of all local businesses, whilst delivering a safe destination for families.
The Croydon Partnership can be followed on Twitter at @croydonpartners.
|
distributed by
|
