Retail property group Hammerson is to buy out its partner in Birmingham's Bullring and Grand Central shopping centres for £319 million.
The listed firm will acquire the 50 per cent stake owned by Canadian pension fund CPP Investments, meaning it will become the sole landlord of the two connected, city centre retail hubs.
Hammerson said it would partly fund the acquisition via a share placing which represented up to ten per cent of its existing issued share capital.
The remainder would be financed from existing cash resources and the suspension of its ongoing share buyback programme, according to a statement posted on the London Stock Exchange.
The acquisition is expected to complete in the next few weeks and is not conditional on the share placing.
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Chief executive Rita-Rose Gagné said: "This is an exciting milestone for Hammerson.
"Our investment alongside key trusted brand partners has seen Bullring deliver a standout operational performance in recent years, cementing its reputation as a top five º£½ÇÊÓƵ destination.
"Birmingham is a thriving, growing city and our dynamic catchment continues to drive footfall and sales growth.
"Full control of this super-prime asset allows us to consolidate the position of our Birmingham estate at the heart of the º£½ÇÊÓƵ's second city and explore new opportunities to deliver enhanced value and risk-adjusted returns."
London-based Hammerson, alongside Land Securities and Henderson Global Investors, was part of the original development team of the Bullring which opened in 2003, replacing the old Bull Ring Centre on land off New Street and High Street.
Grand Central opened in 2015 and was created as part of the regeneration of New Street station shopping centre which sits above the transport hub.
It was anchored by a huge John Lewis department store but this never reopened following the covid-19 lockdowns.
CPP Investments originally invested in a 16.7 per cent interest in the Bullring in 2013 before increasing this to 50 per cent in 2022 while the stake in Grand Central was taken in 2016.
Tom Jackson, managing director for real estate Europe, added: "The Bullring has been a standout performer in our º£½ÇÊÓƵ portfolio since our upsize in 2022 and we have worked closely with Hammerson to reposition the asset, increase occupancy and attract new anchor tenants.
"The sale agreement allows CPP Investments to crystallise the strong performance of Bullring and realise value created, delivering significant returns for our 22 million contributors and beneficiaries.
"With Hammerson taking ownership, both assets are well-positioned for a promising next phase under their experienced guidance."
In a separate announcement, Hammerson revealed its half-year figures for the six months to June 30, 2025.
It said it had received income of £80.8 million, up from £59.4 million year on year, while pre-tax profit reached £79.1 million, a significant swing from a pre-tax loss of £24 million in 2024.
Hammerson owns retail and leisure properties across the º£½ÇÊÓƵ, France and Ireland including Cabot Circus in Bristol, Brent Cross in London and The Ilac in Dublin.
