As previously suggested by Inside Croydon, Hammerson, the owner of Centrale and potential developers of the Whitgift Centre, is a takeover target for other developers – including their Whitgift rivals, Westfield.
The takeover talk emerged from Australia in May, according to this video clip report from Property Week, posted this week when Hammerson published some relatively healthy half-year figures.
Hammerson is undertaking a £50 million redevelopment of Centrale, which it bought last year for around £100 million.
As the Property Week analysts suggest, ironically, because the company has been performing well and is cash rich, having just sold £500 million-worth of offices to help fund its retail ambitions, it has made itself even more of a target for larger, acquisitive rivals, such as Westfield or Land Securities.
Stay with the video clip to the end, because it also includes Lawrence Hutchings, Hammerson’s head of retail, talking about the impact of online shopping, something which could profoundly affect Croydon’s town centre if its entire future is based on shops and flats, as the council’s CEO Jon Rouse has his way.
- Hammerson will be presenting to the council’s strategic planning committee on Thursday (click here to read the official council papers)
- Click here to see the Croydon questions we have put to Whitgift Centre rivals Westfield.
- Inside Croydon: For comment and analysis about Croydon, from inside Croydon
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- Hammerson gets green light for £50m scheme at Centrale (insidecroydon.com)
- “War over Whitgift” has planning showdown tonight (insidecroydon.com)
- Hammerson backs retail expansion (guardian.co.uk)
- Hammerson sees buying opportunities in Europe’s debt crisis (uk.reuters.com)