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Bloomberg: "Hammerson Proposes $1.4 Billion London Mall to Rival Westfield"

Link to Bloomberg web site

"Hammerson plc, the U.K. and France retail property specialist, announced a plan to develop a shopping mall at the Whitgift centre in south London, a site that Australia’s Westfield Group also plans to build on.

"Hammerson is proposing a 1.4 million square-feet (130,000 sqm) project for the Croydon site that would cost as much as much as 900 million pounds ($1.4 billion), the company said today in a statement [to favoured press contacts only].

"Britain’s third-largest real-estate company by market value was appointed in April by leasehold owners Royal London Asset Management Ltd. and Irish Bank Resolution Corp.’s IBRC Assurance unit to manage and redevelop the Croydon centre. Sydney-based Westfield is planning a development on the same site, after signing a deal in November with the Whitgift Foundation, which owns the site’s freehold."

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