UK retail REIT Hammerson has bought the remaining 50% stake it did not already own in the Westquay shopping centre in Southampton from GIC for £135 mln (€162 mln).
The transaction will be funded by the proceeds received from Hammerson’s recent disposal of its stake in Value Retail.
Rita-Rose Gagne, CEO of Hammerson, commented: '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.'
Westquay was last valued at £283 mln which means Hammerson bought the 50% stake at a 4% discount. The mall is situated in the city centre and offers 95,600 m2 (1,029,000 ft2) of retail and leisure space with around 130 shops
