UK real estate investment trust Hammerson is reportedly in advanced negotiations to sell its 50% stake in a major Croydon shopping centre redevelopment project to its joint venture partner Unibail-Rodamco-Westfield.
According to UK news website Costar, URW is close to acquiring full ownership of the project, in a deal which would put an end to decade-long plans for the partners to combine their separate interests in Croydon's two main shopping centres and create London’s largest retail destination.
The partnership was formed after a long-running battle for control of the site in 2013 with plans drawn up for an £1.4 bn redevelopment that first gained outline consent in 2014.
