Joint £1bn venture for Croydon shopping centre regeneration

Two developers have signed a £1bn deal to regenerate shopping centres in Croydon, promising 5,000 new jobs.

Hammerson and the Australian firm Westfield have entered into a 50/50 joint venture to transform Croydon's Whitgift and Centrale shopping centres.

Subject to planning consent, building work is expected to start in 2015.

London mayor Boris Johnson said it would return Croydon to "its former glory".