Unibail-Rodamco-Westfield (URW) has completed the acquisition of Hammerson’s 50% stake in the Croydon Partnership, a 10 hectare parcel which includes the Whitgift and Centrale shopping centres as well as high street retail frontage, office blocks and multi-storey car parks in the heart of the designated GLA Opportunity Area in South London.
Jean-Marie Tritant, Chief Executive Officer, Unibail-Rodamco-Westfield said: “Urban regeneration projects are at the heart of URW’s purpose to create sustainable places that reinvent being together, and we are very excited about what can be achieved in Croydon. 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.”
Jason Perry, Executive Mayor of Croydon, said: “The regeneration of Croydon town centre remains a top priority and I have been working closely with businesses and partners to bring forward the redevelopment of the Whitgift Centre and wider regeneration of the town centre. We welcome the agreement that has been reached by URW as an important step in progressing this. We look forward to working with them as they develop a new masterplan in 2023, which will inform a new, revised application for the town centre that will meet the future needs of our community. I have reconvened the Mayor’s Town Centre Advisory Board, which is working with key partners to drive forward the regeneration, and we look forward to seeing plans progress.”
The Croydon project is fully aligned with the Group’s strategy of unlocking mixed-use development opportunities embedded in its portfolio. It also builds on the success of its transformational UK regeneration projects in both White City and Stratford.