Royal London Asset Management (RLAM) and IBRC Assurance Company (IBRCAC) have signed an exclusive agreement with UK REIT Hammerson as the preferred partner for the management and redevelopment of the Whitgift Centre in Croydon, UK.
Royal London Asset Management (RLAM) and IBRC Assurance Company (IBRCAC) have signed an exclusive agreement with UK REIT Hammerson as the preferred partner for the management and redevelopment of the Whitgift Centre in Croydon, UK.
The decision follows an independent review of proposals submitted by a number of parties, co-ordinated by Jones Lang LaSalle.
Hammerson is already a stakeholder in Croydon through its ownership of Centrale Shopping Centre. RLAM and IBRCAC said the merger of the two interests will create a 'unique opportunity to bring about a gamechanging event for the benefit the whole town'.
The Whitgift Centre provides 54,000 m2 of retail floor space comprising 154 shop units, department stores and a supermarket, and attracts around 28 million shoppers annually.
In a joint statement, RLAM and IBRCAC commented: 'The Whitgift Centre lies at the heart of Croydon and its successful redevelopment will be a crucial element in the regeneration of the town itself. This consideration underlined every step of our rigorous process of selecting the best partner for the job'.
