Shopping centre owner buys out partner for £104.5m

The Oracle first opened in 1999 and the Princess Royal opened it in 2000

A major property company entirely owns Reading's largest shopping centre after it bought out its partner for £104.5m.

Hammerson said it fully owns The Oracle after paying the Abu Dhabi Investment Authority for its 50% share.

The company, which also owns Southampton's Westquay, Bristol's Cabot Circus, the Bullring and Grand Central in Birmingham and London's Brent Cross centre, said 97% of the Reading centre is occupied.

Major stores, including Zara and Apple, are expected to "upsize" their units at the centre early next year.

Rita-Rose Gagné, Hammerson's chief executive, said: "We have seized the opportunity to gain full control of The Oracle, an asset in transition, to capture the growth opportunities ahead.

"Our recent investments at The Oracle have driven an uplift in footfall, sales and leasing with the recent openings of TK Maxx and Hollywood Bowl.

"We expect a further boost from the opening of flagship stores for Zara and Apple in early 2026. There is more to come."

The Oracle first started trading in 1999 and was officially opened the following year by the Princess Royal.