Hammerson has been announced as the preferred partner for the management and redevelopment of the Whitgift Centre in Croydon.
IBRC Assurance Company (IBRCAC) and Royal London Asset Management (RLAM) revealed they had signed an exclusive deal with Hammerson following an independent review of plans put forward by several parties.
The commercial property investment
organisation already has a stake in the Centrale Shopping Centre in Croydon and, therefore, Hammerson was seen as the ideal candidate to provide a significant boost to the London borough.
RLAM and IBRCAC noted: "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."
Around 28 million shoppers visit the retail hub every year, which offers around 580,000 sq ft of space.
Croydon Council has highlighted the benefits of having outer London offices
in the borough and the redevelopment of the Whitgift Centre could prove to be an attraction to businesses.
The news follows the February announcement that Allders department store will continue to operate in the borough.
Andrew MacKenzie, former chief executive of the business, told the Croydon Advertiser that he had purchased a 70 per cent stake in the department store, along with two unnamed partners. Harold Tillman, owner of the Jaeger fashion group, holds the remaining 30 per cent.
Posted by John Evans
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