Westfield owner buys Hammerson’s stake in Croydon schemes
Unibail-Rodamco-Westfield (URW) has completed the acquisition of Hammerson’s 50% stake in the Croydon Partnership, a package which includes The Whitgift and Centrale shopping centres, as well as a number of high street units, office blocks, and car parks.
This comes as Hammerson faces continuing pressure from its biggest shareholder to speed up asset sales and resume dividend payments.
Investment vehicle Lighthouse, which owns nearly 23% of the REIT, has tabled resolutions to appoint two new board members due to its discontent with Hammerson’s current strategy.
The cash raised raised from the purchase is expected to bring Hammerson closer to a £500m disposals target for the end of the year.
Jean-Marie Tritant, chief executive officer of URW, said: “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.”