Thursday, 26 March 2015
Croydon Partnership acquires leasehold interest in the Whitgift Centre (UK)
The Croydon Partnership, the joint venture between Westfield and Hammerson, has made significant progress in its land assembly programme with the acquisition of Whitgift Trust’s 50% long leasehold interest in the Whitgift Centre for an undisclosed sum.
This transaction gives the Partnership ownership of the shopping center, alongside its freehold owner, the Whitgift Foundation, and direct management control.
The Croydon Partnership now owns or controls a majority of the major land interests required for the proposed development. It will assume all management responsibilities for the center going forward.
The Croydon Partnership will continue to negotiate for the remaining land interests and rights and will work closely with the Council and local community to ensure that the wider project brings maximum benefits to the Borough.
Source: FTI Consulting