Property giant Hammerson (LON:HMSO) has snapped up another chunk of prime retail estate in Birmingham.
Already the owner of the famous Bullring shopping centre, Hammerson will pay £175mln to the Canadian Pension Plan Investment Board (CPPIB) for 50% of the Grand Central mall.
Hammerson will manage Grand Central on behalf of the joint venture.
The West Midlands area currently has the fastest growing disposable income in Britain, according to government data.
Income in Birmingham is rising 3.5% a year with visitors spending £2bln visitor expenditure a year.
Grand Central will add to Hammerson’s existing portfolio of 42 retail destinations and various investment partnerships, valued at £7.7bln.
Hammerson’s share price went up 1% to 540p.