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Developer Hammerson says the scheme will create up to 1, 500 retail and hospitality jobs.
BBC: Leeds Victoria Gate images released by Hammerson
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Consider Hammerson, a newly converted REIT that owns 3.7 million square feet of prime office space.
FORBES: The U.K. has joined the REIT revolution. Buy sparingly.
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Hammerson and Westfield plan to meet with stakeholders over the coming weeks to discuss their plans for Croydon.
BBC: Croydon shopping centres in ?1bn regeneration plan
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One cheery beneficiary of the trend is John Richards, 51, who runs Hammerson.
FORBES: The U.K. has joined the REIT revolution. Buy sparingly.
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His store is based in the Centrale shopping centre, owned by Hammerson and across the road from the Whitgift centre.
BBC: Westfield unveils plans for Croydon shopping centre
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If Hammerson can profitably maintain its expansion spree, it might be worth its stiff multiple, 42 times next year's projection for adjusted earnings.
FORBES: The U.K. has joined the REIT revolution. Buy sparingly.
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By this score Hammerson is acceptably priced, at a 13% premium to net assets, but Great Portland Estates, at a 36% premium, is overvalued.
FORBES: The U.K. has joined the REIT revolution. Buy sparingly.
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Hammerson has proved itself adept at managing different types of properties.
FORBES: The U.K. has joined the REIT revolution. Buy sparingly.
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As we see with Hammerson, a key difference between U.K. REITs and their U.S. counterparts is that the Brits mix a bunch of different property types in their portfolios.
FORBES: The U.K. has joined the REIT revolution. Buy sparingly.
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The joint venture will also purchase a 25% interest in the Whitgift Centre, following completion of Hammerson's conditional acquisition agreement with Royal London, which had a 155-year head lease on it.
BBC: Croydon shopping centres in ?1bn regeneration plan
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Hammerson, with a 97.7% occupancy in its centers, says it helps retailers drive shoppers into its centers through marketing, such as a "digital loyalty" program, which delivers targeted promotions to consumers via mobile devices according to their shopping behavior.
WSJ: U.K. Retail Rents Drop as Stores Close