Hammerson acquisition of Grand Central gets regulatory clearance

Hammerson received some positive news on Thursday morning, with an announcement from the Competition and Markets Authority that it has unconditionally cleared the acquisition of Grand Central, Birmingham.

The FTSE 100 firm had initially signalled the completion of the purchase on 12 February, after announcing its intentions in January.

At the time, it said it was entering into a 50:50 joint venture agreement with Canadian Pension Plan Investment Board for ownership of Grand Central, with Hammerson acting as asset manager on behalf of the joint venture.

“Hammerson will now work with Canadian Pension Plan Investment Board to satisfy the remaining closing conditions to enable the completion of the joint venture,” its board confirmed in a statement on Thursday.