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Hammerson Plc And Westfield Group Sign Joint Venture For GBP1 Billion Croydon Town Centre Regeneration


Thursday, 17 Jan 2013 02:00am EST 

Hammerson plc and Westfield Group announced that they have entered into a joint venture to redevelop the retail centre of Croydon. As part of the joint venture, Westfield has acquired a 50% interest in the GBP115 million Centrale shopping centre from Hammerson. The joint venture will also purchase a 25% interest in the Whitgift Centre, following completion of Hammerson's conditional acquisition agreement with Royal London. Under the new joint venture agreement, Westfield and Hammerson intend to redevelop and combine the two main Croydon shopping centres, the Whitgift Centre and Centrale, to deliver a comprehensive and transformational change to Croydon. The mixed use scheme of around 200,000 m2 will include retail, leisure, residential with the potential for hotels and offices, and will create over 5,000 new jobs. It is anticipated that planning consent could be secured in 2013, with construction expected to start on site in 2015. Westfield and Hammerson have set up a joint management company which has responsibility for development, leasing and asset management of the completed scheme. The Partnership will engage Westfield to undertake the design and construction of the project. Hammerson will continue to asset manage Centrale and any further acquisitions prior to the development of the Whitgift Centre. A Westfield Executive will lead the project development team and it is intended that a Hammerson Executive will lead the asset management of the completed centre. 

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