Bullring Pivots To Leisure As Hammerson Secures £825M Funding Package

Hammerson, owner of Birmingham’s Bullring and Grand Central shopping centres, can breathe a little easier thanks to the approval by investors of an £825M package to help ease its coronavirus crisis.

Shareholders backed a capital reorganisation that included a £552M rights issue and the £274M sale of VIA Outlets to Hammerson’s joint venture partner APG.

Hammerson’s successful mitigation of lockdown woes contrasts with reports of growing tensions between rival shopping centre landlord Intu’s lenders and its recently appointed administrators.

Hammerson is continuing to refresh its offer in Birmingham with a sharp pivot to leisure uses as it waits to discover whether John Lewis will follow through on its threat to close its 247K SF Grand Central department store.

John Lewis opened its 247K SF Birmingham Grand Central store in September 2015. In July 2020 it has abruptly announced its closure.

Interactive cycling business Peloton has signed up for space at the Bullring whilst Discovery Adventure Golf, which trades as Treetop Adventure Golf, has signed a 25-year lease for the 17K SF former Forever21 fashion unit also in the Bullring.

From spring next year Treetop will invite guests to escape the pandemic, exchanging it for an immersive rain forest world where temples crumble, ancient spirits stir and, in a development that will surprise anthropologists, mini golf reigns supreme.

"It's clear that now, more than ever, consumers are looking for a memorable experience, something they can share with their friends and family,” Hammerson UK Commercial Director Iain Mitchell said.

“Treetop Adventure Golf delivers that in spades, and I am certain it will be a great addition to Bullring and Grand Central. It's a challenging time for the retail and hospitality sectors, but the investment Treetop is making in the new site highlights that strong brands with a distinctive offer are still seeking growth opportunities."