Hammerson has pipped Westfield to revamping an ageing shopping centre in south London.
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.