25th Mar 2015 14:44
LONDON (Alliance News) - A joint venture between Hammerson PLC and Westfield Corp has acquired the Whitgift Trust's 50% long leasehold interest in the Whitgift Centre in Croydon for an undisclosed sum.
The deal gives the Croydon Partnership, a joint venture between the FTSE 100-listed property developer and the Australian shopping mall operator, full leasehold ownership of the shopping centre alongside the freehold owner, Croydon-based charity the Whitgift Foundation.
The deal means the partnership now owns or controls a majority of the key land interests required for the proposed development.
The pair said the Whitgift Foundation is supportive of its GBP1 billion plan to redevelop the retail town centre.
The Whitgift Trust had launched a judicial review of the GBP1 billion redevelopment plans for the Whitgift Centre, which was dismissed in November. The trust had questioned whether the proposals from the partnership were viable and whether it would deliver a reasonable proportion of affordable homes.
"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," the partnership said in a statement.
Shares in Hammerson were down 0.7% to 685.50 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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