Birmingham’s business leaders have welcomed the commitment to the city by retail property giant Hammerson.
Hammerson, who acquired Grand Central last month, recently announced that it would be selling a half share in Birmingham’s Bullring to joint venture partner CPPIB for £175m. The Bullring is Hammerson’s second largest shopping centre in its portfolio.
In Hammerson’s annual results statement, it says the acquisition of Grand Central “Supports our long-term commitment to Birmingham, which is benefitting from significant inward investment.”
The statement continues: “Located within one of the largest retail catchments in the UK, Birmingham city centre attracts an annual retail spend of over £1bn, making it the number one choice for many national and international brands looking to launch in the UK.”
Grand Central formed part of the £750 million New Street Station regeneration project which was developed by Network Rail and Birmingham City Council.
Chief Executive of Greater Birmingham Chambers of Commerce, Paul Faulkner, concluded: “Their contribution cannot be over-estimated. Hammerson are correct when they say they have created destinations that excite shoppers, attract and support retailers, reward investors and serve communities.”
Hammerson’s portfolio is currently valued at £8.4bn and contains investments in 21 shopping centres in the UK and France, as well as 21 retail parks in the UK.
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