Thu, 24 Mar 2011 | COMMERCIAL PROPERTY
Property firm Hammerson has agreed a £208 million deal to purchase a host of major retail assets including Centrale shopping centre in Croydon.
The firm, which own Brent Cross Shopping Centre in North London, has been on a retail shopping spree of late, acquiring assets in England, Scotland and France. It's acquisition spend now sits at more than £300 million this year alone.
Croydon's Centrale centre is home to major high street retailers including House of Fraser and Debenhams, and boasts the UK's 13th largest shopping population. Hammerson purchased the centre, along with five others, from former owners St Martins, Kuwait's property investment arm. Also included within the purchases were Newcastle's Monument Mall, Rugby's Elliot's Field and Cathedral Lanes in Coventry.
Hammerson is now planning a revamp of Centrale – which was built in 1988 – and proposals include a brand new cinema and restaurant area for shoppers. Two years ago, rival property firm Minerva had planned to construct a new shopping centre in the Croydon, but the £500 million plans were shelved as a result of the recession.
Hammerson chief executive David Atkins said, “This transaction is a rare opportunity to secure a group of good properties in strong trading locations.”
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