28th Jul 2016 07:17
LONDON (Alliance News) - Hammerson PLC on Thursday said its purchase of Grand Central shopping centre in Birmingham has been cleared by the UK Competition & Markets Authority.
The FTSE 100-listed property developer said the CMA unconditionally cleared the acquisition, meaning it will not be referred to a Phase 2 investigation.
Hammerson entered into a 50:50 joint venture agreement for ownership of the shopping centre with Canadian investor in February, with Hammerson to act as asset manager on behalf of the joint venture.
On Thursday, Hammerson said it will now work with the Canadian investor to satisfy all remaining closing conditions to enable the completion of the joint venture.
Shares in Hammerson were down 0.2% at 551.50 pence on Thursday.
By Hannah Boland; [email protected]; @Hannaheboland
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Hammerson