Hammerson takes 25% Whitgift stake

Hammerson is to pay around £85 million for a 25% stake in The Whitgift in Croydon — the shopping precinct at the heart of a fight between Australian developer Westfield and Hammerson to develop the town’s retail centre.

Last November, Westfield announced an agreement to become a development partner with the Whitgift Foundation which owns the freehold. The charity foundation also owns a 25% share of the long leasehold.

Westfield is yet to own a stake in the centre itself.

Hammerson, which already owns nearby Centrale Shopping Centre, bought the 25% stake from Royal London Asset Management and Irish Bank Resolution Corporation. Royal London continues to own a stake in the centre.