Shopping centre real estate investment trust (Reit) Hammerson (HMSO) is on the verge of selling its 50 per cent stake in a major Croydon shopping centre redevelopment project to its joint venture partner Unibail-Rodamco-Westfield (AU:URW).
Investors' Chronicle can reveal that URW is close to acquiring full ownership of the project, which has been in limbo ever since the planning permission to develop another Westfield shopping centre on the site expired in 2021. Sources close to the deal said that it was just waiting on the final paperwork before concluding the deal.