Brent Cross shopping centre taken over in £200m deal
London’s Brent Cross shopping centre is to come under the full control of Hammerson after a £200m deal to buy out Aberdeen was confirmed.
Hammerson, which currently owns 41 per cent of the landmark shopping centre, will raise its stake to over 90 per cent by acquiring units from the Aberdeen UK Shopping Centre Trust.
In a statement issued to the London Stock Exchange, the company said the process is ‘ongoing and a further update will follow in due course’.
Some units have already been acquired from Aberdeen and others are to be acquired under binding contract, it added.
Brent Cross deal latest major change for owner
The Hammerson-developed Brent Cross shopping centre in North London opened in 1976 as one of the capital’s most popular retail destinations.
Located in one of the country’s richest catchments, it was the first indoor ‘shopping mall’ in the UK. It attracts 10.6 visitors annually, with a £100 average spend.
Hammerson’s portfolio has been undergoing something of a revamp in the last few years as the shopping centre giant adapts to a new retail environment.
Last August, Hammerson sold its share in the company behind Bicester Village, Value Retail, taking a loss of £497m during the first half of its financial year due to the sale.
It also secured a €350m (£300m) refinancing loan for one of Ireland’s leading retail destinations, Dundrum Town Centre.
In its latest full-year results, CEO of Hammerson Rita-Rose Gagné said the business had taken advantage of “structural market trends” such as the flight to quality.
Gagné added that Hammerson had concentrated its portfolio on “on exceptional assets in some of Europe’s fastest growing and most vibrant cities”.
She said that Hammerson has “realigned” to reflect retailers’ focus on fewer, high quality stores as well as consumer’s shopping experience.