Hammerson has confirmed the acquisition of the remainder of the Martineau Galleries, one of the largest regeneration sites in Birmingham city centre.
Hammerson has confirmed the acquisition of the remainder of the Martineau Galleries, one of the largest regeneration sites in Birmingham city centre.
The UK REIT, which already owns an interest in the Bullring in the UK city, has taken full control the Martineau Galleries from The Martineau Galleries Partnership, a joint venture between Hammerson, Land Securities and Standard Life.
The investment volume for the transaction involving Hammerson buying out the partners in the scheme was not dislosed.
Consent was granted in 2006 to transform the Martineau Galleries into a 260,000 m2 mixed-use scheme featuring retail, a hotel, offices and residential units but Hammerson has not confirmed whether it intends to stick to the original plan.
The cost of the development in 2006 was estimated at £550 mln.
In a statement, the company said: 'Hammerson confirms that it has acquired the additional interests in the Martineau Galleries joint venture in Birmingham, giving it 100% ownership of the site. This acquisition will enable Hammerson to consider a number of potential strategic development opportunities in the medium term and clearly demonstrates the company’s commitment to Birmingham as a city with some of the UK’s most exciting investment prospects.'
In 2013 Hammerson and the Canada Pension Plan Investment Board acquired a 33.3% stake in the Bullring shopping centre in Birmingham from the Australian Future Fund for £307 mln (€364 mln).