What: The owner of Westfield mall chains has acquired the outstanding share of the Croyden Partnership from UK property giant Hammerson.

Why it is important: With full ownership of the property, Unibail-Rodamco-Westfield (URW) will be able to work with local stakeholders to redevelop and transform the area to meet the future needs of the community.

URW has acquired Hammerson’s 50% stake in the Croydon Partnership, which is a ten hectare parcel of land including high street retail frontage, office blocks, parking garages, as well as the Whitgift and Centrale shopping centres.

Hammerson has been selling off properties to improve its financial performance and focus on its strong core portfolio, giving URW the opportunity to transform and redevelop the area as they now have full ownership of the property.

Westfield owner confirms the purchase of Hammerson’s Croydon development stake