Hammerson have agreed a deal with Brookfield to allow them to take control of the Brent Cross Cricklewood development.
Hammerson will assume control of the Cricklewood project within the Brent Cross Cricklewood regeneration proposals. The Brent Cross Cricklewood Development Partners comprised the owners of Brent Cross Shopping Centre, Hammerson and Standard Life Investments UK Shopping Centre Trust, and a separate joint venture between Hammerson and the development company Brookfield Europe which controlled the Cricklewood lands to the south of the A406 North Circular Road.
The change in the Cricklewood interest does not affect the joint venture between Hammerson and Standard Life Investments UK Shopping Centre Trust for Brent Cross Shopping Centre.
The Secretary of State for Communities and Local Government has already announced that the scheme would not be called in, giving the green light to the £4.5bn scheme to create a new town centre in the area.
The partnership is currently working with Barnet Council to finalise the planning agreements.
Martin Jepson, Hammerson Managing Director, London Group said: “As part of the partnership, Brookfield Europe was active in securing the positive planning approval for the scheme and we are looking forward to progressing the Cricklewood proposals as part of the wider regeneration project.”
Jonathan Joseph from the Brent Cross Cricklewood Development Partners added: “Brookfield Europe has made a great contribution to this important regeneration project and I am hugely grateful for their support in helping us reach this point. The strengthened commitment of Hammerson to the scheme is great news and we look forward to turning our vision into reality as we deliver a thriving new town centre with improved shopping, housing, transport, schools and open spaces.
The regeneration scheme will deliver 7,500 homes, 27,000 jobs, three schools, a new train station, a new bus station and new public open space.