Hammerson has bought the remaining 50% stake in the Westquay shopping centre in Southampton from GIC for £135m, as it pushes to take full control of some of the assets it has held in joint ventures.
The REIT will pay for the deal using proceeds from the recent disposal of its stake in Value Retail.
Chief executive Rita-Rose Gagné 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.”
The 1m sq ft centre attracts more than 17m visitors a year, with tenants including Apple, Marks & Spencer, Pandora and Hugo Boss.
In an interview with EG after the Value Retail deal, Gagné said the company would focus on opportunities to buy partners out of certain assets.
“We are talking about opportunities around consolidation of our holdings,” she said. “We have around £1bn in joint ventures and there is an opportunity in there to look at consolidating our ownership and getting 100% ownership of the assets… Now we have the capacity to look at that with conviction.”
Photo © Wesley Nixon/Unsplash
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