French company Unibail-Rodamco-Westfield (URW) has officially confirmed its acquisition of Hammerson’s 50% stake in the Croydon Partnership, a joint venture between the two companies. The partnership includes a 10-hectare piece of land in South London, which features the Whitgift and Centrale shopping centres, along with other retail spaces, office blocks, and car parks. Although the exact price of the sale has not been disclosed by either party, Hammerson’s decision to divest its assets is part of a larger strategy to improve its financial performance and concentrate on its core portfolio.
URW CEO Jean-Marie Tritant expressed enthusiasm about the acquisition, emphasizing the company’s commitment to urban regeneration. Tritant sees these projects as crucial to URW’s mission of creating sustainable spaces that foster a sense of unity and togetherness. He also noted the potential for collaboration with local stakeholders, such as the Mayor of Croydon and the Greater London Authority, to support the broader transformation of the area.
Croydon’s Mayor, Jason Perry, hailed the acquisition as a significant step forward in the ongoing effort to revitalize Croydon town centre. Perry stressed the importance of regenerating the area and mentioned that a new masterplan would be developed this year to address the future needs of the community. He commended URW’s track record of successful redevelopments, citing the popular Westfield London and Westfield Stratford mega-malls as prime examples.
With URW now holding full ownership of the Croydon Partnership, the stage is set for collaborative efforts to create a thriving retail and community hub. The acquisition represents a notable milestone in URW’s expansion and its dedication to sustainable urban development.
– For more information on URW’s acquisition of Hammerson’s stake in the Croydon Partnership, click here.
– To read about URW’s previous successful redevelopment projects, including Westfield London and Westfield Stratford, visit their official website here.
