Hammerson eyes ownership of Brent Cross in PS200 million deal

Hammerson PLC on Monday said it intends to take a majority stake in Brent Cross shopping centre by acquiring units from abrdn UK Shopping Centre Trust.

The London-based property and investment company said the proposed £200 million cash deal will see it acquire the units in abrdn UK Shopping Centre Trust, which holds the 59% of Brent Cross not already held by Hammerson.

‘Hammerson’s existing managing stake, together with the SCUT units already acquired or for which binding contracts have been exchanged, currently represents an economic interest in Brent Cross of over 90%,’ the firm said in a statement.

North London-based Brent Cross was opened in 1976 and is a popular shopping centre. According to Hammerson’s website it attracts annual footfall of 10.6 million, an average retail spend of £100 and has 8.3 million people within 60 minutes drivetime.

Hammerson, which was responding to press speculation, said the process is ‘ongoing and a further update will follow in due course.’

Shares in Hammerson were down 0.4% to 254.00 pence each in London on Monday morning. They were down 1.0% at R 61.52 in Johannesburg.

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