Hammerson Takes Full Control of Bullring and Grand Central in £319M Deal

Hammerson PLC (LON:HMSO) has finalized the acquisition of the remaining 50% stake in Birmingham’s Bullring and Grand Central shopping centers from its joint venture partner, Canada Pension Plan Investment Board (CPP Investments), in a deal valued at £319 million.

The deal, first announced on 31 July, was funded through a placing of up to 10% of Hammerson’s share capital, existing cash reserves, and the suspension of its share buyback programme.

The acquisition was completed at a 4% discount to June book value, with a blended net initial yield of 6.7% and a topped-up yield of 7.7%.

Located in the heart of Birmingham, the Bullring is one of only five UK retail centres ranked A++ by Green Street.

The asset has delivered strong operational performance, with footfall rising 5% in the first half of 2025 and Q2 up 8% year-on-year. Sales climbed 6% over the same period, aided by over £30 million in landlord investment and £75 million from occupiers since 2021.

CPP Investments originally acquired a minority interest in the Bullring in 2013, increasing it to 50% in 2022. Since then, occupancy has grown from 86% to 95%, and net operating income has risen 23%.

Hammerson CEO Rita-Rose Gagné called the move “an exciting milestone,” saying full control will allow the company to “explore new opportunities to deliver enhanced value and risk-adjusted returns” in the UK’s second-largest city.

“Full control of this super prime asset allows us to consolidate the position of our Birmingham estate at the heart of the UK's second city,” added Gagné.

Hammerson shares initially rose on Friday, hitting a high of 310p per share. However, the stock has now retreated to around 299.8p, down approximately 0.1% on the day. This year, Hammerson shares have risen 6.5%, while it has gained 21.3% in the last three months.