Hammerson increases Cricklewood stake
Published: 29 June, 2010
Hammerson has bought out and Brookfield Europe's stake in the £4.5bn Brent Cross Cricklewood regeneration project in North London
The Brent Cross Cricklewood project was split between the owners of Brent Cross Shopping Centre, Hammerson and Standard Life Investments UK Shopping Centre Trust, and a separate joint venture between Hammerson and the development company Brookfield Europe which controlled the Cricklewood lands to the south of the A406 North Circular Road.
The change in the Cricklewood interest does not affect the joint venture between Hammerson and Standard Life Investments UK Shopping Centre Trust for Brent Cross Shopping Centre.
The Secretary of State for Communities and Local Government announced earlier this month that the scheme would not be called in, giving the green light to the £4.5bn scheme to create a new town centre in the area including 7,500 homes, 27,000 jobs, three schools, a new train station, a new bus station and new public open space.
Martin Jepson, Managing director of Hammerson's London Group, said: "As part of the partnership, Brookfield Europe was active in securing the positive planning approval for the scheme and we are looking forward to progressing the Cricklewood proposals as part of the wider regeneration project."
