London's iconic Brent Cross shopping centre is set to fall entirely under the ownership of Hammerson, following a £200m agreement to purchase Aberdeen's stake.
Hammerson, currently holding 41 per cent of the renowned retail hub, will elevate its share to over 90 per cent by snapping up units from the Aberdeen Ƶ Shopping Centre Trust, as reported by .
In an announcement to the London Stock Exchange, Hammerson confirmed that the acquisition process is 'ongoing and a further update will follow in due course.'
The company has already secured some units from Aberdeen, with others lined up for purchase under a binding contract.
Brent Cross deal latest major change for owner
Brent Cross, developed by Hammerson and launched in 1976, stands as one of North London's premier shopping destinations.
Nestled within one of the nation's wealthiest areas, it pioneered the indoor 'shopping mall' concept in the Ƶ. The centre draws in 10.6 million visitors each year, who spend an average of £100 per visit.
Hammerson's portfolio has been undergoing significant changes in recent years as the firm adapts to the evolving retail landscape.
Last August marked a major shift when Hammerson offloaded its stake in Value Retail, the company behind Bicester Village, resulting in a £497m loss during the first half of its financial year.
Additionally, Hammerson secured a €350m (£300m) refinancing loan for Dundrum Town Centre, one of Ireland's top retail hotspots.
In the most recent annual results, Hammerson's CEO Rita-Rose Gagné stated that the company had capitalised on "structural market trends" like the shift towards quality.
Gagné further noted that Hammerson had focused its portfolio on "on exceptional assets in some of Europe's fastest growing and most vibrant cities."
She also mentioned that Hammerson has "realigned" to mirror retailers' emphasis on fewer, high-quality stores as well as the shopping experience of consumers.
