Grand Central deal avoids further competition scrutiny

THE Competition and Markets Authority (CMA) will not progress its investigation into Hammerson’s purchase of Grand Central.
After conducting an initial investigation into the deal, it has decided that it will not continue, enabling the deal to complete.
The property group was already co-owner of the Bullring when it agreed to buy Grand Central in January for £335m.
The following month it announced the Canadian Pension Plan Investment Board (CPPIB) would take a half-share for £175m.
In a statement to the stock market, Hammerson said it “welcomes” the CMA’s announcement. It said it would continue to work with Canadian Pension Plan Investment Board to complete the 50:50 joint venture.

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