Hammerson has pipped Westfield to revamping an ageing shopping centre in south London.
Westfield said in November it was opening the Croydon centre, its third in London, which would give it the potential to attract three million new customers.
But Anglo-French developer Hammerson has now won the contract to redevelop the Whitgift Centre site, The Telegraph reports.
It is expected that Hammerson will be offered a minimum 25% share of leaseholders’ joint £200m stake along with responsibility for managing the 1.2m sq ft centre.
Royal London Asset Management and Irish Bank Resolution Corp, who own 75% of the shopping centre’s lease, signed an exclusivity agreement with Hammerson.
Westfield said in November that the centre’s location was “under-served by high quality retail and leisure facitilies,”.
Hammerson acquired the Centrale Shopping Centre in Croydon last March.
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