// Hammerson is looking to sell its stake in the joint venture building a mega shopping centre in Croydon to partner Unibail-Rodamco-Westfield
// The pair have been in the JV since 2013 but the development has been delayed
Hammerson is in talks with Westfield’s owner Unibail-Rodamco-Westfield to sell its stake in the Croydon shopping centre redevelopment, according to property publication Costar.
The sales would end the decade-long plan for the pair to combine their interests in Croydon’s two main shopping centres – Hammerson’s Centrale mall and The Whitgift Centre, where the Westfield owner is the development partner – to create one super retail destination.
The pair entered a joint venture in 2013 for the £1.4bn redevelopment, however, the project has been severely delayed.
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Hammerson, which also owns Brent Cross and Birmingham’s Bullring, is facing pressure from its largest shareholder Lighthouse.
The investor, which has been vocal about its lack of confidence in the Hammerson board, has called for the property firm to cut its exposure to development projects and to start paying out dividends.
Hammerson has offloaded investments such as the Victoria Gate and Victoria Quarter shopping centres in Leeds and its 50% stake in Glasgow’s Silverburn last year.
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