Hammerson has confirmed the sale of a 50% stake in its Southampton shopping centre to GIC.
As revealed by Property Week (27-04-07) an affiliate of GIC Real Estate, the real estate investment arm of the Government of Singapore Investment Corporation, has bought the 50% stake in WestQuay shopping centre for £299m
Hammerson and GIC Real Estate will own the centre in a joint venture partnership, with Hammerson retained as asset manager.
WestQuay had a book value of £588m at 31 December 2006 and generates a net rental income of approximately £25m a year.
John Richards, chief executive of Hammerson, said: ‘This sale demonstrates the continuing demand for prime retail assets and is in line with our strategy of recycling capital. WestQuay was Hammerson's single largest investment asset.'
Dr Seek Ngee Huat, president of GIC Real Estate, said: ‘This joint venture represents an excellent opportunity to acquire a premier shopping destination in the heart of Southampton. We look forward to partnering Hammerson on this investment.'