// Unibail-Rodamco-Westfield acquires the outstanding share of the Croydon shopping centre redevelopment
// The deal puts an end to the JV with Hammerson, which it partnered with in 2013
Westfield owner Unibail-Rodamco-Westfield has acquired the remaining 50% stake of the Croydon shopping centre redevelopment from Hammerson.
The deal puts an end to a decade-long joint venture of a £1.4bn regeneration project involving Croydon’s two main shopping centres: the Centrale Mall and The Whitgift Centre.
The news comes as Hammerson has been steadily selling off its assets after coming under fire from shareholders over concerns about its struggling financial performance.
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URW said the move was aligned with its strategy of unlocking mixed-use development opportunities and it hopes to build on the success of its regeneration projects in White City and Stratford.
Chief executive Jean-Marie Tritant said: “Urban regeneration projects are at the heart of URW’s purpose to create sustainable places that reinvent being together, and we are very excited about what can be achieved in Croydon.
“With our full ownership of the property, it allows URW to work in partnership with the Mayor of Croydon, the Greater London Authority and other vital local stakeholders on a vision and options that support the wider transformation of the area.”
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