Hammerson is in advanced talks to sell its 50% stake in a major redevelopment of the Whitgift shopping centre in Croydon, south London, to its joint venture partner Unibail-Rodamco-Westfield.
The sale, understood to be worth tens of millions of pounds, would give URW control of the development.
The long-awaited project most recently stalled after planning permission for another large-scale Westfield mall at the site expired in 2021.
Plans for a £1.4bn redevelopment for the site first gained outline planning approval in 2014. The joint venture between the developers was formed in 2012.
The news comes after Lighthouse, Hammerson’s biggest shareholder, expressed its discontent over the REIT’s strategy. It has said it will vote against the election of at least two non-executive directors at next month’s annual meeting, and is pushing for Hammerson to sell its designer outlets arm.
Institutional shareholders including Legal & General Investment Management, Schroders and APG have since opposed those proposals and backed the shopping centre owner’s management team.
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