Hammerson has acquired the remaining 50% stake in the Westquay shopping centre in Southampton from Singaporean sovereign wealth fund GIC for £135m.
The transaction will be funded by the proceeds the company received from the disposal of its stake in its Value Retail outlet operation to LVMH-backed private equity firm L Catterton in July.
Westquay was developed in a 50:50 joint venture between Hammerson and Barclays and opened in 2000. Hammerson acquired Barclays’s 50% interest in December 2004 and sold 50% of the scheme to an affiliate of GIC Real Estate for £299m in 2007. Following completion of the acquisition from GIC Hammerson now owns 100% of the scheme.
Rita-Rose Gagne, CEO of Hammerson, said: “This transaction is in line with our stated strategy. Combined with our recently enhanced funding position and disciplined approach to capital allocation, we are well placed to deliver growth and value creation.”
