Hammerson has acquired the remaining 50% stake in Birmingham’s Bullring and Grand Central retail destinations for £319m from CPP Investments, gaining full ownership of two of the UK’s top shopping hubs.
The deal will be funded through suspending the group’s share buyback programme, existing cash reserves, and an equity placing of up to 10% of the property developer’s outstanding shares.
Hammerson CEO Rita-Rose Gagné said: “Our investment alongside key brand partners has seen Bullring deliver standout operational performance in recent years, cementing its reputation as a top five UK destination.
“Full control of this super prime asset allows us to consolidate our Birmingham estate and explore new opportunities to deliver enhanced value and returns.”
-
Related Story
-
Bullring saw footfall rise by 3% to 33 million visitors in 2024, with sales growth supported by key occupiers such as M&S, Inditex, Sephora and JD Sports, alongside leisure additions like TOCA Social and Lane7.
Grand Central, located above Birmingham New Street station, continues to benefit from growing demand despite 50% of its former John Lewis & Partners space remaining vacant. Hammerson has plans for a mixed-use office-led redevelopment called The Drum, with a gross development value around £100m.
The acquisition complements Hammerson’s wider Birmingham portfolio, including Martineau Galleries, a mixed-use regeneration site adjacent to Curzon Street HS2 station. With planning consent in place, demolition and enabling works are expected to begin by early 2026.
The company expects 17% like-for-like gross rental income growth in FY25 and remains on track to meet its medium-term financial targets.
Click here to sign up to Retail Gazette‘s free daily email newsletter
