Hammerson’s Birmingham Commitment Welcomed by Business Owners

Posted on 17 February, 2016 by Chris Grigorovsky

Birmingham’s business leaders have welcomed the commitment to the city by retail property giant Hammerson.

Hammerson’s Birmingham Commitment Welcomed by Business Owners

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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