Waterman completes due diligence advice on sale of Grand Central Birmingham
London, 25 January, 2016. Waterman Group Plc is pleased to have provided engineering and environmental due diligence studies for the £335 million acquisition by Hammerson Plc of the prestigious Grand Central in the heart of Birmingham.
The exchange of contracts with Birmingham City Council was announced on Friday the 22nd January by Hammerson. The Grand Central shopping centre, which took five years to complete, opened in September 2015. The centre provides 435,000 sq ft of high-quality prime retail space with 66 news shops, department stores – including the largest John Lewis store outside of London at 250,000 sq ft – fashion retailers, restaurants, and a multi-storey car park. The scheme was developed by Network Rail and Birmingham City Council as part of the £750 million New Street Station regeneration project.
David Atkins, CEO of Hammerson, said; “The acquisition of Grand Central, a highly-prized trophy asset in the UK’s second city, is fully aligned with Hammerson’s strategy of owning top-performing retail destinations in prime locations, as demonstrated by our recent transactions in Ireland and growing exposure to European Premium Outlets. By deploying our expertise from Bullring, as well as other shopping centres around the UK, Hammerson is well placed to further enhance the consumer offer in Birmingham and achieve high returns through skilful management of Grand Central. We are strong supporters of the future of Birmingham and this acquisition provides us with additional exposure to the city’s fast growing economy.”
Nick Taylor, CEO of Waterman Group, commented; “We are honoured and proud to be involved in advising Hammerson on the acquisition of this major development which is transforming Birmingham into a city of regional and national importance.“
This latest announcement follows Waterman’s advice to Hammerson Plc and Allianz Real Estate on their recent EUR 1.85bn (£1.34bn) acquisition of a portfolio of market-leading retail assets in Dublin from Ireland’s National Asset Management Agency (“NAMA”).
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About Waterman Group
Waterman Group is a multidisciplinary consultancy providing sustainable solutions to meet the planning, engineering design and project delivery needs of the property, infrastructure, environment and energy markets. Founded in 1952 and listed on the London Stock Exchange since 1988, Waterman has grown into a leading engineering and environmental consultancy with offices throughout the UK, Europe and Australia. Waterman works with government agencies, local authorities, government-regulated industries and private sector clients to provide innovative, sustainable and economic solutions across a wide spectrum of business activities. The firm has extensive experience in property and buildings, environmental consultancy, power and energy, roads, highways and rail infrastructure, urban and regional planning. Award winning teams provide professional services throughout the complete life cycle of the asset starting from initial surveys and concept planning, through to design, delivery, project management, supervision and on-going maintenance. See more information on www.watermangroup.com