12th Feb 2016 07:37
LONDON (Alliance News) - Property developer Hammerson PLC said on Friday it had completed the acquisition of Grand Central shopping centre in Birmingham, and confirmed it has entered into a joint venture with investment management organisation Canadian Pension Plan Investment Board for ownership of the shopping centre.
Hammerson, who had announced the acquisition of Grand Central on January 22, said it had entered into a 50:50 joint venture agreement with the Canadian investor, with Hammerson acting as asset manager on behalf of the joint venture.
The joint venture pricing terms are equivalent to the terms for Hammerson's acquisition of the shopping centre, it said.
Following the completion of the joint venture, Hammerson's total acquisition costs for 50% of Grand Central will be GBP175.0 million.
By Hannah Boland; [email protected]; @Hannaheboland
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Hammerson