Westfield acquires remaining 50% share of Croydon Partnership

Unibail-Rodamco-Westfield (URW) has acquired Hammerson’s 50% stake in the Croydon Partnership, a 10 hectare parcel of land that includes the Whitgift and Centrale shopping centres.

The land in question also includes high street retail frontage, office blocks and multi-storey car parks - all placed in the heart of the designated GLA Opportunity Area in South London.

Jean-Marie Tritant, Chief Executive Officer of Unibail-Rodamco-Westfield commented: "Urban regeneration projects are at the heart of URW’s purpose to create sustainable places that reinvent being together, and we are very excited about what can be achieved in Croydon.

"With our full ownership of the property, it allows URW to work in partnership with the Mayor of Croydon, the Greater London Authority and other vital local stakeholders on a vision and options that support the wider transformation of the area."

Jason Perry, Mayor of Croydon, added: "The regeneration of Croydon town centre remains a top priority and I have been working closely with businesses and partners to bring forward the redevelopment of the Whitgift Centre and the wider regeneration of the town centre. We welcome the agreement that has been reached by URW as an important step in progressing this."

The Croydon project is aligned with the URW’s strategy of unlocking mixed-use development opportunities. It also builds on its successful portfolio of Westfield locations in London, located at White City and Stratford.

In February 2023, Unibail-Rodamco-Westfield, saw 2022 tenant sales reach 103% compared to pre-pandemic 2019 levels, citing the "end of any COVID effect" on its business.

Tenant sales reached 100% in Europe and 108% in the US, suggesting consistent improvement across all operating metrics since 2019. Global rent collection is reported at 97%, in line with 2019 levels.