UPDATE 2-Westfield, Hammerson in deadlock over London

mall | Reuters
* Hammerson picked in order to redevelop Whitgift Centre throughout Croydon
* Mall stakeholder says holders by simply option of Westfield
LONDON, April 2 Plans to show an ageing southLondon shopping centre directly into one of the
particular city's greatest malls hitdeadlock upon Monday when its proprietors sided together with
two differentdevelopers, Australia's Westfield Team andAnglo-French Hammerson.
The wrangle involves a split involving the freeholder and also twoleaseholders over who will develop
the actual Whitgift Centre inCroydon, a key element in http://www.croydon.com/ Westfield's plan to
flourish within London.
Large British purchasing centres in which dominate surroundingareas are generally extremely
prized by property investors as they have got sofar weathered the difficult retailing climate a lot
much better than others.
Westfield, which in turn opened a mall nearby the London Olympic parkto great fanfare last autumn,
mentioned in November estate agents croydon your 42-year oldsite throughout Croydon would
become its third significant London centre afteran exclusive deal using the Whitgift Foundation, the
freeholderand 25 % leaseholder.

But Royal London Asset Management (RLAM) along with Irish BankResolution Corp (IBRC), who
collectively own 75 percentof the particular 1.2 million square foot (110,000 square metre)
mall'slease, mentioned in Monday they'd signed an exclusive agreementwith Hammerson.
In a new response, the actual Whitgift foundation called the selectionof Hammerson "inexplicable",
adding which it "had any bindingagreement using Westfield who are willing to commit a
highlyexperienced team to concentrate on the regeneration associated with Croydon."
Industry insiders familiar using the Whitgift Centre stated theredevelopment with the mall had been
now most likely being stalled as allthree stakeholders were necessary to agree on any single
developer.
RLAM and also IBRC are required to be able to supply Hammerson a minimum 25percent discuss
associated with his or her joint 200 million pound ($320 million)stake along with responsibility
pertaining to managing the actual centre.
Westfield declined to comment. That said inside November that will amajor store scheme in Croydon
could serve more than 3 millioncustomers.
Hammerson stated this month which it wished to purchase theWhitgift Centre as well as was keen to
grow to be detailed on it with all the Centrale mallin Croydon, which in turn it currently owns.

The organization in addition owns along with holds stakes in a new few associated with
Britain'slargest malls, such as the Bullring within Birmingham and BrentCross inside North London.
Upon Feb. 24, it mentioned it might sell itsoffice portfolio over the actual next 3 many years to focus
on retailproperty.
http://www.reuters.com/article/hammerson-shopping-centre-idUSL6E8F22QF20120402