Hammerson is taking full control of London’s Brent Cross shopping centre, buying out joint venture partner Aberdeen in a £200m deal.
In a stock exchange notice, the REIT said it is working on a deal to buy Aberdeen’s UK Shopping Centre Trust, which holds the 59% of Brent Cross not already held by Hammerson.
The deal will see Hammerson hold over 90% of the shopping centre across its existing managing stake, together with the SCUT units already acquired or for which binding contracts have been exchanged.
Hammerson said the process is ongoing and that a further update will follow in due course.
In an interview with Estates Gazette last July, Hammerson chief executive Rita-Rose Gagné (pictured) said the company would focus on “consolidating our assets”, noting at the time: “We have around £1bn in JVs and there is an opportunity in there to look at consolidating our ownership and getting 100% ownership of the assets… Now we have the capacity to look at that with conviction.”
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